Public Employees Retirement System of Ohio Invests $54.14 Million in Medtronic plc (NYSE:MDT)

Public Employees Retirement System of Ohio purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 601,384 shares of the medical technology company’s stock, valued at approximately $54,143,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the third quarter worth approximately $27,000. J. Stern & Co. LLP purchased a new position in Medtronic during the 3rd quarter valued at about $30,000. Finally, True Wealth Design LLC boosted its stake in shares of Medtronic by 1,793.3% during the third quarter. True Wealth Design LLC now owns 568 shares of the medical technology company’s stock valued at $51,000 after purchasing an additional 538 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock opened at $84.01 on Monday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The firm has a market capitalization of $107.73 billion, a PE ratio of 25.69, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82. The business has a 50 day simple moving average of $88.25 and a 200-day simple moving average of $84.99. 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 (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm 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. The company’s quarterly revenue was up 5.2% on a year-over-year basis. Equities research analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.33%. Medtronic’s dividend payout ratio is currently 85.63%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. dropped their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $95.27.

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.