State Board of Administration of Florida Retirement System Reduces Stake in Medtronic PLC (MDT)

State Board of Administration of Florida Retirement System trimmed its position in Medtronic PLC (NYSE:MDT) by 0.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,835,599 shares of the medical technology company’s stock after selling 6,580 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Medtronic were worth $167,186,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cordasco Financial Network bought a new position in Medtronic during the 1st quarter worth $27,000. Tributary Capital Management LLC bought a new position in Medtronic during the 4th quarter worth $27,000. Pin Oak Investment Advisors Inc. raised its position in Medtronic by 158.0% during the 4th quarter. Pin Oak Investment Advisors Inc. now owns 369 shares of the medical technology company’s stock worth $34,000 after purchasing an additional 226 shares during the last quarter. Spectrum Management Group Inc. raised its position in Medtronic by 353.8% during the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 322 shares during the last quarter. Finally, Mackey Komara & Dankovich LLC bought a new position in Medtronic during the 1st quarter worth $38,000. Institutional investors own 81.52% of the company’s stock.

MDT stock opened at $87.73 on Friday. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $100.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.36 and a quick ratio of 1.92. The stock has a market capitalization of $117.66 billion, a PE ratio of 18.39, a price-to-earnings-growth ratio of 2.18 and a beta of 0.78.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.05. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The firm had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.53 billion. During the same period last year, the company posted $1.17 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Analysts expect that Medtronic PLC will post 5.15 earnings per share for the current year.

MDT has been the subject of several analyst reports. Barclays reaffirmed a “buy” rating and set a $104.00 target price on shares of Medtronic in a research report on Wednesday, February 20th. Oppenheimer set a $104.00 target price on Medtronic and gave the stock a “buy” rating in a research report on Wednesday, February 20th. Northland Securities reaffirmed a “hold” rating and set a $84.00 target price on shares of Medtronic in a research report on Monday, March 18th. Wells Fargo & Co lowered their target price on Medtronic from $101.00 to $100.00 and set a “market perform” rating for the company in a research report on Thursday, April 4th. Finally, Citigroup raised their target price on Medtronic from $95.00 to $101.00 and gave the stock a “neutral” rating in a research report on Monday, February 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $103.39.

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Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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