Retirement Systems of Alabama Has $62.97 Million Stake in Medtronic plc (NYSE:MDT)

Retirement Systems of Alabama trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 1.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 764,336 shares of the medical technology company’s stock after selling 7,752 shares during the period. Retirement Systems of Alabama owned about 0.06% of Medtronic worth $62,966,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. BKM Wealth Management LLC bought a new position in Medtronic in the fourth quarter valued at $941,000. International Assets Investment Management LLC grew its position in Medtronic by 8,340.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after purchasing an additional 1,026,274 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Medtronic by 69.3% in the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after purchasing an additional 16,574 shares in the last quarter. Ropes Wealth Advisors LLC grew its position in Medtronic by 21.4% in the third quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock valued at $565,000 after purchasing an additional 1,269 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its position in Medtronic by 109,325.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock valued at $7,572,000 after purchasing an additional 91,833 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.49 during midday trading on Friday, hitting $79.74. The stock had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. The company’s 50-day moving average price is $83.53 and its 200-day moving average price is $81.19. The company has a market capitalization of $105.88 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.30 EPS. As a group, equities research analysts predict that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio is 87.90%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Mizuho lifted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Truist Financial lifted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $94.91.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.