Retirement Systems of Alabama Sells 1,929 Shares of Medtronic plc (NYSE:MDT)

Retirement Systems of Alabama cut its holdings in shares of Medtronic plc (NYSE:MDT) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 277,667 shares of the medical technology company’s stock after selling 1,929 shares during the period. Retirement Systems of Alabama’s holdings in Medtronic were worth $22,180,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Sargent Investment Group LLC acquired a new position in shares of Medtronic in the 4th quarter valued at approximately $453,000. Old North State Wealth Management LLC grew its stake in shares of Medtronic by 4.9% in the fourth quarter. Old North State Wealth Management LLC now owns 33,114 shares of the medical technology company’s stock valued at $2,648,000 after buying an additional 1,548 shares in the last quarter. Tranquilli Financial Advisor LLC raised its holdings in shares of Medtronic by 23.8% in the 4th quarter. Tranquilli Financial Advisor LLC now owns 6,470 shares of the medical technology company’s stock valued at $517,000 after purchasing an additional 1,242 shares during the period. Mather Group LLC. lifted its position in shares of Medtronic by 7.1% in the fourth quarter. Mather Group LLC. now owns 2,517 shares of the medical technology company’s stock valued at $201,000 after buying an additional 167 shares during the last quarter. Finally, Stephens Consulting LLC lifted its holdings in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 0.9 %

NYSE:MDT opened at $90.85 on Friday. The company has a market capitalization of $116.50 billion, a PE ratio of 27.78, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The firm’s 50-day moving average price is $84.69 and its 200-day moving average price is $86.28.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the company earned $1.25 EPS. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on the company. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. reduced their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Barclays boosted their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $95.00.

About Medtronic

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.