State Board of Administration of Florida Retirement System Cuts Holdings in Medtronic PLC (NYSE:MDT)

State Board of Administration of Florida Retirement System decreased its stake in shares of Medtronic PLC (NYSE:MDT) by 2.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,794,908 shares of the medical technology company’s stock after selling 40,691 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Medtronic were worth $174,806,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. boosted its position in shares of Medtronic by 7.9% during the 1st quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after acquiring an additional 7,856,946 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Medtronic by 2.2% during the 1st quarter. Wells Fargo & Company MN now owns 13,714,625 shares of the medical technology company’s stock worth $1,249,129,000 after acquiring an additional 291,291 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Medtronic by 35.4% during the 1st quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock worth $785,336,000 after acquiring an additional 2,255,412 shares in the last quarter. Boston Partners boosted its position in shares of Medtronic by 13.9% during the 1st quarter. Boston Partners now owns 8,405,239 shares of the medical technology company’s stock worth $765,549,000 after acquiring an additional 1,028,238 shares in the last quarter. Finally, Sanders Capital LLC boosted its position in shares of Medtronic by 3.3% during the 2nd quarter. Sanders Capital LLC now owns 6,134,485 shares of the medical technology company’s stock worth $672,922,000 after acquiring an additional 196,300 shares in the last quarter. Institutional investors own 80.62% of the company’s stock.

NYSE MDT traded up $4.02 during mid-day trading on Tuesday, hitting $108.20. The stock had a trading volume of 498,727 shares, compared to its average volume of 4,161,898. Medtronic PLC has a 52-week low of $81.66 and a 52-week high of $104.43. The company has a market cap of $137.82 billion, a price-to-earnings ratio of 20.72, a P/E/G ratio of 2.63 and a beta of 0.67. The company has a 50 day simple moving average of $100.90 and a 200 day simple moving average of $93.67. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.07. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.12 billion. During the same period last year, the business posted $1.42 EPS. Medtronic’s quarterly revenue was up .0% on a year-over-year basis. As a group, equities analysts anticipate that Medtronic PLC will post 5.47 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were paid a $0.54 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend was Friday, July 5th. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.

Several research analysts have recently issued reports on MDT shares. UBS Group upped their price objective on Medtronic to $112.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Royal Bank of Canada set a $110.00 price objective on Medtronic and gave the stock a “buy” rating in a research report on Friday. Barclays upped their price objective on Medtronic from $104.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. ValuEngine cut Medtronic from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Deutsche Bank upped their price objective on Medtronic from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Medtronic presently has an average rating of “Buy” and an average target price of $107.41.

In other Medtronic news, SVP Carol A. Surface sold 9,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $97.66, for a total transaction of $878,940.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard H. Anderson purchased 10,900 shares of the company’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $92.40 per share, with a total value of $1,007,160.00. Following the transaction, the director now directly owns 89,912 shares of the company’s stock, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Insiders sold a total of 95,701 shares of company stock valued at $9,318,744 over the last ninety days. 0.28% of the stock is currently owned by company insiders.

Medtronic Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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