California Public Employees Retirement System Purchases 563,779 Shares of Medtronic PLC $MDT

California Public Employees Retirement System boosted its position in Medtronic PLC (NYSE:MDT) by 21.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,230,852 shares of the medical technology company’s stock after purchasing an additional 563,779 shares during the quarter. California Public Employees Retirement System owned about 0.25% of Medtronic worth $281,633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. 1248 Management LLC bought a new stake in Medtronic during the first quarter valued at $26,000. Twin Tree Management LP bought a new stake in shares of Medtronic during the 1st quarter valued at about $29,000. Activest Wealth Management grew its holdings in shares of Medtronic by 3,577.8% during the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company’s stock worth $30,000 after purchasing an additional 322 shares in the last quarter. GFG Capital LLC purchased a new position in shares of Medtronic during the second quarter worth about $36,000. Finally, True Wealth Design LLC increased its position in shares of Medtronic by 49.8% in the second quarter. True Wealth Design LLC now owns 421 shares of the medical technology company’s stock worth $37,000 after purchasing an additional 140 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on MDT. Truist Financial boosted their price target on shares of Medtronic from $103.00 to $110.00 and gave the stock a “hold” rating in a research note on Thursday, November 20th. Jefferies Financial Group reiterated a “hold” rating and issued a $110.00 target price on shares of Medtronic in a research report on Wednesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Thursday, August 14th. Leerink Partners set a $120.00 price target on Medtronic and gave the stock an “outperform” rating in a research note on Wednesday, November 19th. Finally, Piper Sandler reiterated a “neutral” rating on shares of Medtronic in a research report on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.44.

Medtronic Stock Performance

NYSE MDT opened at $101.39 on Friday. The company has a 50-day simple moving average of $96.79 and a two-hundred day simple moving average of $92.22. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $106.33. The firm has a market cap of $129.99 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 2.67 and a beta of 0.71. The company has a quick ratio of 1.80, a current ratio of 2.42 and a debt-to-equity ratio of 0.57.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.05. The company had revenue of $8.96 billion during the quarter, compared to analyst estimates of $8.86 billion. Medtronic had a return on equity of 14.86% and a net margin of 13.71%.Medtronic’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.26 EPS. Medtronic has set its FY 2026 guidance at 5.620-5.660 EPS. On average, equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 16th. Investors of record on Friday, December 26th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, December 26th. Medtronic’s payout ratio is presently 76.55%.

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.