126,631 Shares in Medtronic plc (NYSE:MDT) Purchased by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky purchased a new position in shares of Medtronic plc (NYSE:MDT – Get Rating) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 126,631 shares of the medical technology company’s stock, valued at approximately $10,225,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Medtronic by 0.9% in the third quarter. Vanguard Group Inc. now owns 123,861,994 shares of the medical technology company’s stock valued at $10,001,857,000 after acquiring an additional 1,056,995 shares during the last quarter. BlackRock Inc. boosted its stake in Medtronic by 5.1% in the third quarter. BlackRock Inc. now owns 115,998,561 shares of the medical technology company’s stock valued at $9,366,883,000 after acquiring an additional 5,620,477 shares during the last quarter. State Street Corp boosted its stake in Medtronic by 1.6% in the third quarter. State Street Corp now owns 58,989,713 shares of the medical technology company’s stock valued at $4,802,998,000 after acquiring an additional 928,929 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Medtronic by 33.1% in the third quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after acquiring an additional 4,816,172 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Medtronic by 4.6% in the third quarter. Royal Bank of Canada now owns 13,702,223 shares of the medical technology company’s stock valued at $1,106,453,000 after acquiring an additional 608,587 shares during the last quarter. 80.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the topic of several research reports. Wells Fargo & Company lowered their price target on shares of Medtronic from $82.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 30th. StockNews.com initiated coverage on shares of Medtronic in a research report on Thursday. They issued a “buy” rating on the stock. Morgan Stanley lowered their price target on shares of Medtronic from $97.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 23rd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Medtronic from $80.00 to $87.00 in a research report on Wednesday, February 22nd. Finally, Citigroup lowered shares of Medtronic from a “buy” rating to a “neutral” rating and lowered their price target for the company from $108.00 to $85.00 in a research report on Wednesday, November 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus price target of $90.72.

Insiders Place Their Bets

In other news, major shareholder Plc Medtronic purchased 6,835 shares of the business’s stock in a transaction on Monday, January 30th. The shares were acquired at an average price of $9.28 per share, with a total value of $63,428.80. Following the acquisition, the insider now directly owns 4,999,423 shares in the company, valued at $46,394,645.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $79.27 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.39 and a current ratio of 1.76. Medtronic plc has a 52 week low of $75.76 and a 52 week high of $114.31. The firm’s fifty day moving average is $82.11 and its 200 day moving average is $82.32. The firm has a market cap of $105.46 billion, a P/E ratio of 26.08, a P/E/G ratio of 2.36 and a beta of 0.71.

Medtronic (NYSE:MDT – Get Rating) last released its earnings results on Tuesday, February 21st. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.27 by $0.03. Medtronic had a net margin of 13.20% and a return on equity of 13.37%. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same quarter last year, the firm earned $1.37 EPS. The firm’s quarterly revenue was down .8% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.28 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 24th will be issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Thursday, March 23rd. Medtronic’s dividend payout ratio is currently 89.47%.

About Medtronic

(Get Rating)

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.