Illinois Municipal Retirement Fund Lowers Holdings in Medtronic PLC $MDT

Illinois Municipal Retirement Fund trimmed its stake in Medtronic PLC (NYSE:MDT) by 11.4% during the 1st quarter, HoldingsChannel reports. The fund owned 189,335 shares of the medical technology company’s stock after selling 24,284 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Medtronic were worth $16,406,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of MDT. Lodestone Wealth Management LLC bought a new stake in Medtronic during the 4th quarter valued at about $27,000. Anfield Capital Management LLC raised its holdings in Medtronic by 410.7% in 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 during the last quarter. Monetary Solutions Ltd bought a new position in shares of Medtronic in the fourth quarter worth approximately $27,000. Board of the Pension Protection Fund bought a new position in shares of Medtronic in the fourth quarter worth approximately $29,000. Finally, GoalVest Advisory LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $29,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Mizuho reduced their target price on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. Leerink Partners dropped their price objective on Medtronic from $117.00 to $104.00 and set an “outperform” rating on the stock in a research report on Thursday, June 4th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $118.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Rothschild & Co Redburn decreased their target price on Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a research report on Friday, June 5th. Finally, Piper Sandler restated a “neutral” rating and set a $85.00 target price on shares of Medtronic in a research note on Tuesday, June 16th. Seventeen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.21.

Insider Buying and Selling

In other news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is currently owned by corporate insiders.

Medtronic Price Performance

NYSE MDT opened at $80.52 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The stock has a market cap of $103.07 billion, a price-to-earnings ratio of 21.59, a PEG ratio of 2.13 and a beta of 0.56. The company’s 50 day moving average is $79.25 and its two-hundred day moving average is $88.12.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, research analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, June 26th. This is a boost from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio (DPR) is currently 77.21%.

Medtronic Company 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).