Employees Retirement System of Texas Reduces Stock Holdings in Medtronic PLC $MDT

Employees Retirement System of Texas lowered its holdings in Medtronic PLC (NYSE:MDT) by 3.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 862,697 shares of the medical technology company’s stock after selling 28,535 shares during the quarter. Employees Retirement System of Texas owned 0.07% of Medtronic worth $82,871,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MDT. Barclays PLC grew its position in Medtronic by 104.6% during the 3rd quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock worth $650,604,000 after purchasing an additional 3,492,192 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Medtronic by 78.3% in the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock valued at $717,143,000 after buying an additional 3,307,211 shares during the period. Guinness Asset Management LTD purchased a new stake in shares of Medtronic in the third quarter worth about $275,556,000. Wellington Management Group LLP grew its holdings in Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after acquiring an additional 2,658,981 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Medtronic by 2,297.7% during the fourth quarter. SG Americas Securities LLC now owns 2,510,712 shares of the medical technology company’s stock worth $241,179,000 after acquiring an additional 2,406,000 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 1.3%

Shares of MDT stock opened at $77.60 on Wednesday. Medtronic PLC has a 1-year low of $74.40 and a 1-year high of $106.33. The company has a market cap of $99.63 billion, a price-to-earnings ratio of 21.62, a PEG ratio of 1.87 and a beta of 0.62. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. The stock has a 50 day simple moving average of $83.13 and a 200-day simple moving average of $93.00.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were given a $0.71 dividend. The ex-dividend date was Friday, March 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.7%. Medtronic’s dividend payout ratio (DPR) is 79.11%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $120.00 price target on shares of Medtronic in a report on Thursday, March 26th. Barclays lifted their target price on shares of Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, April 1st. Stifel Nicolaus decreased their target price on shares of Medtronic from $105.00 to $95.00 and set a “hold” rating for the company in a research note on Monday, April 6th. Piper Sandler lowered their price target on shares of Medtronic from $105.00 to $91.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. Finally, Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $106.45.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).