State of New Jersey Common Pension Fund D Trims Holdings in Medtronic plc (NYSE:MDT)

State of New Jersey Common Pension Fund D cut its holdings in shares of Medtronic plc (NYSE:MDT) by 1.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 472,433 shares of the medical technology company’s stock after selling 4,886 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Medtronic were worth $42,533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Olstein Capital Management L.P. boosted its stake in shares of Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after buying an additional 14,000 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth approximately $25,643,000. SageView Advisory Group LLC increased its holdings in shares of Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after purchasing an additional 9,523 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Medtronic by 13.6% in the 1st quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock valued at $21,642,000 after purchasing an additional 31,195 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Medtronic by 6.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after buying an additional 21,995 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Truist Financial raised their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Finally, Robert W. Baird boosted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Trading Down 0.5 %

Shares of NYSE MDT traded down $0.40 during trading on Friday, hitting $87.72. 8,137,674 shares of the company were exchanged, compared to its average volume of 4,969,610. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68. The firm has a market capitalization of $112.50 billion, a PE ratio of 29.64, a P/E/G ratio of 2.58 and a beta of 0.84. The company has a fifty day moving average price of $89.68 and a 200-day moving average price of $84.48. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

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

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.19%. Medtronic’s dividend payout ratio is currently 94.59%.

Medtronic 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.