Employees Retirement System of Texas Decreases Stock Position in Medtronic PLC $MDT

Employees Retirement System of Texas cut its position in Medtronic PLC (NYSE:MDT) by 3.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 862,697 shares of the medical technology company’s stock after selling 28,535 shares during the period. Employees Retirement System of Texas’ holdings in Medtronic were worth $82,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Lodestone Wealth Management LLC purchased a new position in Medtronic in the 4th quarter valued at $27,000. Anfield Capital Management LLC grew its holdings in shares of Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after buying an additional 230 shares in the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Medtronic in the fourth quarter valued at about $29,000. GoalVest Advisory LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at about $29,000. Finally, Valley Wealth Managers Inc. purchased a new position in shares of Medtronic in the third quarter worth about $29,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MDT has been the topic of a number of recent research reports. Truist Financial lowered their price target on shares of Medtronic from $103.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, April 15th. Needham & Company LLC reissued a “buy” rating and issued a $120.00 target price on shares of Medtronic in a research note on Thursday, March 26th. The Goldman Sachs Group set a $84.00 target price on Medtronic and gave the stock a “neutral” rating in a report on Thursday, May 21st. Evercore set a $106.00 price target on Medtronic and gave the company an “outperform” rating in a research report on Thursday, April 9th. Finally, Barclays increased their price target on Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, April 1st. Fifteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Moderate Buy” and an average price target of $106.45.

Medtronic Trading Down 1.3%

Shares of MDT opened at $77.60 on Wednesday. Medtronic PLC has a 12-month low of $74.40 and a 12-month high of $106.33. The firm has a market capitalization of $99.63 billion, a P/E ratio of 21.62, a P/E/G ratio of 1.87 and a beta of 0.62. The firm has a 50-day moving average price of $83.13 and a 200 day moving average price of $93.00. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.7%. Medtronic’s dividend payout ratio is 79.11%.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).