Teacher Retirement System of Texas Cuts Position in Medtronic PLC (MDT)

Teacher Retirement System of Texas trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 1.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 530,371 shares of the medical technology company’s stock after selling 10,380 shares during the quarter. Teacher Retirement System of Texas’ holdings in Medtronic were worth $45,405,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ballew Advisors Inc purchased a new position in Medtronic in the second quarter worth $100,000. BDO Wealth Advisors LLC grew its holdings in Medtronic by 99.6% in the first quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock worth $115,000 after purchasing an additional 712 shares during the last quarter. Global Trust Asset Management LLC grew its holdings in Medtronic by 112.1% in the second quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after purchasing an additional 805 shares during the last quarter. Trustcore Financial Services LLC grew its holdings in Medtronic by 97.3% in the second quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after purchasing an additional 868 shares during the last quarter. Finally, Profit Investment Management LLC purchased a new position in Medtronic in the second quarter worth $203,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

MDT has been the topic of several analyst reports. William Blair initiated coverage on shares of Medtronic in a report on Wednesday, June 6th. They issued a “market perform” rating on the stock. Raymond James initiated coverage on shares of Medtronic in a report on Thursday, May 31st. They issued an “outperform” rating and a $96.00 price target on the stock. Morgan Stanley lifted their price target on shares of Medtronic from $90.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, May 25th. Needham & Company LLC lifted their price target on shares of Medtronic from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, June 6th. Finally, Piper Jaffray Companies lifted their price target on shares of Medtronic to $96.00 and gave the stock an “overweight” rating in a report on Friday, May 25th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the stock. Medtronic presently has a consensus rating of “Buy” and an average target price of $92.39.

In related news, SVP Bradley E. Lerman sold 8,910 shares of the business’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $86.82, for a total transaction of $773,566.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard Kuntz sold 11,500 shares of the business’s stock in a transaction on Friday, June 8th. The shares were sold at an average price of $87.13, for a total transaction of $1,001,995.00. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Shares of MDT opened at $90.60 on Friday. The firm has a market cap of $123.30 billion, a PE ratio of 19.08, a P/E/G ratio of 2.48 and a beta of 0.94. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.92 and a current ratio of 2.28. Medtronic PLC has a 1-year low of $76.41 and a 1-year high of $91.47.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 24th. The medical technology company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $8.14 billion for the quarter, compared to analyst estimates of $8 billion. Medtronic had a net margin of 10.36% and a return on equity of 12.84%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.33 earnings per share. sell-side analysts anticipate that Medtronic PLC will post 5.11 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 25th. Investors of record on Friday, July 6th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, July 5th. This is an increase from Medtronic’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a yield of 2.21%. Medtronic’s payout ratio is currently 41.93%.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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