Louisiana State Employees Retirement System Acquires New Stake in Medtronic plc (NYSE:MDT)

Louisiana State Employees Retirement System bought a new position in shares of Medtronic plc (NYSE:MDT) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 80,400 shares of the medical technology company’s stock, valued at approximately $6,623,000.

Several other institutional investors also recently made changes to their positions in the stock. BKM Wealth Management LLC purchased a new stake in shares of Medtronic in the 4th quarter worth about $941,000. International Assets Investment Management LLC raised its stake in Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after purchasing an additional 1,026,274 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Medtronic by 69.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after purchasing an additional 16,574 shares during the last quarter. Ropes Wealth Advisors LLC raised its stake in Medtronic by 21.4% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock valued at $565,000 after purchasing an additional 1,269 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of Medtronic by 109,325.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock valued at $7,572,000 after acquiring an additional 91,833 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Down 2.5 %

NYSE MDT traded down $2.04 on Friday, reaching $80.13. The company had a trading volume of 6,562,831 shares, compared to its average volume of 6,148,804. The firm has a market capitalization of $106.40 billion, a PE ratio of 25.52, a P/E/G ratio of 2.74 and a beta of 0.76. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. The firm has a 50-day moving average of $84.65 and a 200-day moving average of $80.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. Medtronic’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.30 EPS. On average, equities research analysts anticipate that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Mizuho upped their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Oppenheimer upped their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Finally, Truist Financial increased their target price on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average price target of $94.91.

Insider Activity

In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

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.