South Dakota Investment Council Has $22.57 Million Holdings in Medtronic plc (NYSE:MDT)

South Dakota Investment Council decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 3.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 273,946 shares of the medical technology company’s stock after selling 9,900 shares during the quarter. South Dakota Investment Council’s holdings in Medtronic were worth $22,568,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. BKM Wealth Management LLC acquired a new position in shares of Medtronic during the 4th quarter worth about $941,000. International Assets Investment Management LLC grew its holdings in Medtronic by 8,340.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after purchasing an additional 1,026,274 shares during the period. Tower Research Capital LLC TRC increased its stake in Medtronic by 69.3% in the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after purchasing an additional 16,574 shares in the last quarter. Ropes Wealth Advisors LLC raised its holdings in Medtronic by 21.4% in the third quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock worth $565,000 after purchasing an additional 1,269 shares during the period. Finally, Exchange Traded Concepts LLC boosted its position in shares of Medtronic by 109,325.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock worth $7,572,000 after purchasing an additional 91,833 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Mizuho boosted their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Truist Financial boosted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer increased their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $94.91.

Medtronic Stock Performance

Shares of MDT traded up $0.71 during trading hours on Tuesday, hitting $81.28. The company had a trading volume of 5,296,122 shares, compared to its average volume of 6,290,356. The business has a fifty day moving average of $83.80 and a 200-day moving average of $81.14. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The firm has a market cap of $107.93 billion, a price-to-earnings ratio of 25.89, a PEG ratio of 2.72 and a beta of 0.76. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.30 earnings per share. Equities analysts anticipate that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.40%. Medtronic’s dividend payout ratio is presently 87.90%.

Insider Activity

In other news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Medtronic Company 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.