State of Michigan Retirement System Boosts Holdings in Medtronic PLC $MDT

State of Michigan Retirement System grew its holdings in shares of Medtronic PLC (NYSE:MDT) by 0.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 348,698 shares of the medical technology company’s stock after acquiring an additional 800 shares during the quarter. State of Michigan Retirement System’s holdings in Medtronic were worth $30,396,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Medtronic by 0.7% in the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company’s stock worth $11,233,780,000 after buying an additional 810,854 shares during the period. Massachusetts Financial Services Co. MA increased its position in Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company’s stock valued at $2,001,903,000 after purchasing an additional 1,461,841 shares during the period. Bank of New York Mellon Corp increased its position in Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company’s stock valued at $1,858,332,000 after purchasing an additional 756,192 shares during the period. Deutsche Bank AG increased its position in Medtronic by 3.1% during the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company’s stock valued at $1,708,220,000 after purchasing an additional 566,155 shares during the period. Finally, Invesco Ltd. grew its position in shares of Medtronic by 9.9% in the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company’s stock worth $1,525,876,000 after buying an additional 1,535,308 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of Medtronic stock opened at $90.82 on Friday. The firm has a market cap of $116.49 billion, a P/E ratio of 25.02, a P/E/G ratio of 2.42 and a beta of 0.78. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $99.37. The stock’s fifty day moving average price is $94.35 and its 200-day moving average price is $89.72.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, September 26th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, September 26th. Medtronic’s payout ratio is 78.24%.

Insider Transactions at Medtronic

In other news, EVP Harry Skip Kiil sold 8,605 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the sale, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William R. Jellison purchased 2,500 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were acquired at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $461,850. The trade was a 100.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.26% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MDT. Sanford C. Bernstein reiterated an “outperform” rating and issued a $98.00 price target on shares of Medtronic in a research note on Friday. Wells Fargo & Company upped their target price on shares of Medtronic from $98.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, August 20th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Thursday, August 14th. Morgan Stanley reissued an “overweight” rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Finally, Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a report on Sunday. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average target price of $102.82.

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.