Arizona State Retirement System Purchases 3,376 Shares of Medtronic plc (NYSE:MDT)

Arizona State Retirement System lifted its position in shares of Medtronic plc (NYSE:MDT) by 0.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 384,943 shares of the medical technology company’s stock after purchasing an additional 3,376 shares during the period. Arizona State Retirement System’s holdings in Medtronic were worth $30,299,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Boyar Asset Management Inc. boosted its holdings in Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after acquiring an additional 120 shares during the last quarter. Quent Capital LLC boosted its holdings in Medtronic by 8.0% in the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after acquiring an additional 125 shares during the last quarter. Abbrea Capital LLC boosted its holdings in Medtronic by 2.5% in the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after acquiring an additional 125 shares during the last quarter. Waterway Wealth Management LLC boosted its holdings in Medtronic by 4.8% in the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after acquiring an additional 126 shares during the last quarter. Finally, Angeles Investment Advisors LLC boosted its holdings in Medtronic by 1.0% in the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after acquiring an additional 128 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the company. Robert W. Baird upped their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Wells Fargo & Company increased their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Price Performance

Shares of MDT opened at $89.01 on Friday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The business’s fifty day moving average is $82.06 and its 200 day moving average is $82.59. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $114.13 billion, a P/E ratio of 32.51, a P/E/G ratio of 2.52 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.20 EPS. Sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

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.