Treasurer of the State of North Carolina Buys 7,797 Shares of Medtronic plc (NYSE:MDT)

Treasurer of the State of North Carolina increased its stake in shares of Medtronic plc (NYSE:MDT) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 721,208 shares of the medical technology company’s stock after purchasing an additional 7,797 shares during the period. Treasurer of the State of North Carolina’s holdings in Medtronic were worth $57,610,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new position in Medtronic in the fourth quarter valued at approximately $26,000. Stephens Consulting LLC increased its stake in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the period. Rakuten Securities Inc. boosted its position in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares in the last quarter. Fiduciary Advisors Inc. acquired a new stake in shares of Medtronic in the 4th quarter valued at $36,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Medtronic during the fourth quarter valued at about $40,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE MDT opened at $85.42 on Thursday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a 50-day moving average price of $90.04 and a 200-day moving average price of $87.74. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $109.55 billion, a P/E ratio of 25.96, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Wall Street Analyst Weigh In

MDT has been the topic of several analyst reports. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $96.07.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.20% of the company’s stock.

About Medtronic

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.