Louisiana State Employees Retirement System Cuts Holdings in Medtronic plc (NYSE:MDT)

Louisiana State Employees Retirement System decreased its position in Medtronic plc (NYSE:MDT) by 3.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,200 shares of the medical technology company’s stock after selling 2,900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Medtronic were worth $6,500,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Lynx Investment Advisory purchased a new stake in Medtronic during the second quarter worth approximately $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the 1st quarter worth $33,000. Gleason Group Inc. acquired a new position in shares of Medtronic during the second quarter worth about $42,000. Opal Wealth Advisors LLC acquired a new stake in Medtronic in the second quarter valued at about $43,000. Finally, Olistico Wealth LLC purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.59 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.68. The company has a market capitalization of $116.18 billion, a price-to-earnings ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. The business has a 50-day moving average of $89.30 and a 200-day moving average of $83.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.20 earnings per share. On average, equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. Medtronic’s payout ratio is 94.59%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of recent analyst reports. Royal Bank of Canada raised 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 report on Thursday, October 10th. Citigroup lifted their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $95.36.

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.