New Mexico Educational Retirement Board Boosts Stock Holdings in Medtronic plc (NYSE:MDT)

New Mexico Educational Retirement Board grew its position in Medtronic plc (NYSE:MDT) by 13.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 78,187 shares of the medical technology company’s stock after buying an additional 9,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Medtronic were worth $6,814,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Guidance Capital Inc. boosted its stake in Medtronic by 18.6% in the 1st quarter. Guidance Capital Inc. now owns 9,923 shares of the medical technology company’s stock worth $796,000 after purchasing an additional 1,554 shares in the last quarter. Foguth Wealth Management LLC. acquired a new stake in Medtronic in the 1st quarter worth approximately $242,000. Coston McIsaac & Partners boosted its stake in Medtronic by 3.3% in the 1st quarter. Coston McIsaac & Partners now owns 53,386 shares of the medical technology company’s stock worth $4,651,000 after purchasing an additional 1,697 shares in the last quarter. Vicus Capital boosted its stake in Medtronic by 22.9% in the 1st quarter. Vicus Capital now owns 8,615 shares of the medical technology company’s stock worth $751,000 after purchasing an additional 1,604 shares in the last quarter. Finally, Chemung Canal Trust Co. boosted its stake in Medtronic by 1,467.5% in the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

NYSE MDT traded up $0.08 on Friday, hitting $78.71. The company had a trading volume of 8,917,219 shares, compared to its average volume of 6,371,193. The company has a market capitalization of $100.93 billion, a PE ratio of 28.62, a PEG ratio of 2.29 and a beta of 0.83. The company’s fifty day moving average price is $81.85 and its 200-day moving average price is $83.52. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the previous year, the company posted $1.57 EPS. The firm’s quarterly revenue was up .5% on a year-over-year basis. As a group, analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.56%. The ex-dividend date is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is 100.36%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent research reports. Truist Financial reduced their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. Finally, UBS Group lifted their target price on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $93.00.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Company 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.