Medtronic plc (NYSE:MDT) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its stake in shares of Medtronic plc (NYSE:MDT) by 1.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,808,429 shares of the medical technology company’s stock after selling 43,870 shares during the quarter. California Public Employees Retirement System owned about 0.21% of Medtronic worth $231,358,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Ritholtz Wealth Management boosted its stake in Medtronic by 19.8% in the third quarter. Ritholtz Wealth Management now owns 9,376 shares of the medical technology company’s stock worth $735,000 after purchasing an additional 1,550 shares in the last quarter. Wedge Capital Management L L P NC grew its position in Medtronic by 13.0% during the 3rd quarter. Wedge Capital Management L L P NC now owns 2,900 shares of the medical technology company’s stock worth $227,000 after acquiring an additional 333 shares during the last quarter. Leavell Investment Management Inc. lifted its stake in shares of Medtronic by 4.3% in the 3rd quarter. Leavell Investment Management Inc. now owns 5,274 shares of the medical technology company’s stock valued at $417,000 after purchasing an additional 219 shares during the period. Montecito Bank & Trust increased its holdings in Medtronic by 10.7% during the 3rd quarter. Montecito Bank & Trust now owns 7,130 shares of the medical technology company’s stock worth $559,000 after purchasing an additional 690 shares in the last quarter. Finally, Impact Partnership Wealth LLC lifted its stake in Medtronic by 369.8% in the third quarter. Impact Partnership Wealth LLC now owns 1,245 shares of the medical technology company’s stock valued at $98,000 after purchasing an additional 980 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock traded up $0.26 on Tuesday, reaching $80.83. 623,962 shares of the company were exchanged, compared to its average volume of 6,227,600. The business has a 50-day moving average price of $83.84 and a 200 day moving average price of $81.11. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The company has a market cap of $107.33 billion, a price-to-earnings ratio of 25.66, a P/E/G ratio of 2.72 and a beta of 0.76.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter last year, the business earned $1.30 earnings per share. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.41%. Medtronic’s payout ratio is 87.90%.

Insider Activity

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

Wall Street Analysts Forecast Growth

MDT has been the topic of several research reports. Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Truist Financial upped their price target on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Mizuho raised their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Moderate Buy” and an average target price of $94.91.

Medtronic Profile

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.