California State Teachers Retirement System Reduces Holdings in Medtronic plc (NYSE:MDT)

California State Teachers Retirement System reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 0.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,085,856 shares of the medical technology company’s stock after selling 18,097 shares during the period. California State Teachers Retirement System’s holdings in Medtronic were worth $166,618,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of MDT. Norges Bank purchased a new stake in Medtronic in the fourth quarter worth about $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic during the 4th quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. purchased a new stake in Medtronic in the 4th quarter worth approximately $377,169,000. Van ECK Associates Corp raised its stake in Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after acquiring an additional 2,476,935 shares during the period. Finally, Invesco Ltd. lifted its holdings in Medtronic by 17.8% during the fourth quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $84.19 on Monday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The firm has a market capitalization of $107.98 billion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a fifty day simple moving average of $88.14 and a two-hundred day simple moving average of $87.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. 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 was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.33%. Medtronic’s payout ratio is presently 85.11%.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. Truist Financial decreased their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and lifted their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Robert W. Baird upped their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $96.14.

Medtronic 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.