New Mexico Educational Retirement Board decreased its stake in shares of Medtronic plc (NYSE:MDT – Get Rating) by 4.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,487 shares of the medical technology company's stock after selling 3,700 shares during the quarter. New Mexico Educational Retirement Board's holdings in Medtronic were worth $6,685,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Mascoma Wealth Management LLC raised its stake in Medtronic by 41.7% during the first quarter. Mascoma Wealth Management LLC now owns 394 shares of the medical technology company's stock valued at $44,000 after buying an additional 116 shares during the last quarter. Baker Tilly Wealth Management LLC raised its stake in Medtronic by 26.2% during the first quarter. Baker Tilly Wealth Management LLC now owns 22,774 shares of the medical technology company's stock valued at $2,527,000 after buying an additional 4,725 shares during the last quarter. Dakota Wealth Management raised its stake in Medtronic by 167.6% during the first quarter. Dakota Wealth Management now owns 6,211 shares of the medical technology company's stock valued at $690,000 after buying an additional 3,890 shares during the last quarter. 180 Wealth Advisors LLC increased its holdings in shares of Medtronic by 3.2% in the 1st quarter. 180 Wealth Advisors LLC now owns 24,492 shares of the medical technology company's stock worth $2,700,000 after purchasing an additional 760 shares in the last quarter. Finally, InTrack Investment Management Inc bought a new stake in shares of Medtronic in the 1st quarter worth $346,000. Hedge funds and other institutional investors own 79.81% of the company's stock.
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Analyst Upgrades and Downgrades
A number of analysts have commented on MDT shares. Raymond James lowered Medtronic from an "outperform" rating to a "market perform" rating in a report on Wednesday, August 24th. Piper Sandler reduced their target price on Medtronic from $100.00 to $90.00 in a report on Tuesday, August 23rd. Wolfe Research started coverage on Medtronic in a report on Tuesday, July 5th. They issued an "underperform" rating and a $85.00 target price for the company. Stifel Nicolaus reduced their target price on Medtronic from $125.00 to $105.00 in a report on Monday, July 18th. Finally, Wells Fargo & Company reduced their target price on Medtronic from $104.00 to $96.00 and set an "equal weight" rating for the company in a report on Wednesday, August 24th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $111.52.
Medtronic Stock Performance
NYSE MDT traded down $1.06 on Friday, hitting $81.21. 149,376 shares of the company traded hands, compared to its average volume of 6,434,031. The company has a market capitalization of $107.94 billion, a price-to-earnings ratio of 21.50, a P/E/G ratio of 2.18 and a beta of 0.75. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.33. The business's 50 day moving average price is $90.15 and its 200-day moving average price is $96.90. Medtronic plc has a 52-week low of $80.39 and a 52-week high of $128.85.
Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings data on Tuesday, August 23rd. The medical technology company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. The business had revenue of $7.37 billion for the quarter, compared to the consensus estimate of $7.20 billion. During the same period in the previous year, the business earned $1.41 earnings per share. Equities analysts expect that Medtronic plc will post 5.53 earnings per share for the current year.
Medtronic Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 23rd will be given a $0.68 dividend. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 annualized dividend and a dividend yield of 3.35%. Medtronic's payout ratio is 70.28%.
About Medtronic
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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.
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