Teachers Retirement System of The State of Kentucky Sells 5,698 Shares of Medtronic plc (NYSE:MDT)

Teachers Retirement System of The State of Kentucky cut its stake in Medtronic plc (NYSE:MDT) by 5.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 108,994 shares of the medical technology company’s stock after selling 5,698 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Medtronic were worth $9,499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the stock. MeadowBrook Investment Advisors LLC bought a new position in Medtronic during the fourth quarter worth about $27,000. LifeSteps Financial Inc. bought a new position in Medtronic in the 1st quarter valued at about $27,000. Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter valued at about $33,000. Fortis Group Advisors LLC increased its holdings in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares during the period. Finally, Hartford Financial Management Inc. increased its holdings in Medtronic by 52.1% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after buying an additional 164 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Up 1.3 %

Shares of NYSE:MDT traded up $1.02 during trading on Friday, reaching $81.51. The stock had a trading volume of 5,057,940 shares, compared to its average volume of 6,335,373. The firm’s fifty day moving average is $80.04 and its 200 day moving average is $82.64. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $89.18. The stock has a market cap of $104.52 billion, a price-to-earnings ratio of 29.64, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the firm posted $1.57 EPS. The company’s quarterly revenue was up .5% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is presently 101.82%.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, July 17th. Truist Financial reduced their target price on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. The Goldman Sachs Group assumed coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Finally, Citigroup reduced their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $90.90.

Medtronic Company 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.