Commonwealth of Pennsylvania Public School Empls Retrmt SYS Cuts Stake in Medtronic PLC $MDT

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its stake in Medtronic PLC (NYSE:MDT) by 3.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 298,344 shares of the medical technology company’s stock after selling 9,334 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Medtronic were worth $28,659,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in MDT. Norges Bank bought a new stake in Medtronic in the fourth quarter worth about $1,653,485,000. Barclays PLC raised its position in Medtronic by 104.6% in the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock worth $650,604,000 after acquiring an additional 3,492,192 shares during the period. Schroder Investment Management Group raised its position in Medtronic by 78.3% in the third quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock worth $717,143,000 after acquiring an additional 3,307,211 shares during the period. Guinness Asset Management LTD bought a new stake in Medtronic in the third quarter worth about $275,556,000. Finally, Wellington Management Group LLP raised its position in Medtronic by 35.3% in the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after acquiring an additional 2,658,981 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $73.73 on Monday. The company’s 50 day moving average is $82.36 and its 200-day moving average is $92.64. Medtronic PLC has a 12-month low of $73.67 and a 12-month high of $106.33. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The firm has a market cap of $94.66 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.76 and a beta of 0.58.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were given a $0.71 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.9%. Medtronic’s payout ratio is 79.11%.

Wall Street Analyst Weigh In

Several analysts have commented on MDT shares. Stifel Nicolaus lowered their price objective on shares of Medtronic from $105.00 to $95.00 and set a “hold” rating on the stock in a research report on Monday, April 6th. Leerink Partners reaffirmed an “outperform” rating and issued a $119.00 price objective on shares of Medtronic in a research report on Tuesday, March 10th. JPMorgan Chase & Co. lowered their price objective on shares of Medtronic from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 18th. Evercore set a $106.00 price objective on shares of Medtronic and gave the stock an “outperform” rating in a research report on Thursday, April 9th. Finally, Argus lowered their price objective on shares of Medtronic from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Fifteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $106.45.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).