California Public Employees Retirement System Has $404.57 Million Stake in Medtronic PLC (MDT)

California Public Employees Retirement System grew its stake in Medtronic PLC (NYSE:MDT) by 10.3% during the first quarter, HoldingsChannel.com reports. The firm owned 4,441,964 shares of the medical technology company’s stock after buying an additional 413,760 shares during the period. California Public Employees Retirement System’s holdings in Medtronic were worth $404,574,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc lifted its stake in shares of Medtronic by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 109,447,687 shares of the medical technology company’s stock valued at $10,766,369,000 after purchasing an additional 1,199,118 shares during the period. BlackRock Inc. raised its stake in Medtronic by 1.5% during the 4th quarter. BlackRock Inc. now owns 98,921,138 shares of the medical technology company’s stock worth $8,997,868,000 after buying an additional 1,487,997 shares during the period. Bank of New York Mellon Corp raised its stake in Medtronic by 1.3% during the 4th quarter. Bank of New York Mellon Corp now owns 17,225,948 shares of the medical technology company’s stock worth $1,566,873,000 after buying an additional 213,593 shares during the period. Geode Capital Management LLC raised its stake in Medtronic by 10.2% during the 4th quarter. Geode Capital Management LLC now owns 16,690,207 shares of the medical technology company’s stock worth $1,515,557,000 after buying an additional 1,538,130 shares during the period. Finally, Northern Trust Corp raised its stake in Medtronic by 4.3% during the 4th quarter. Northern Trust Corp now owns 16,526,215 shares of the medical technology company’s stock worth $1,503,225,000 after buying an additional 688,537 shares during the period. 81.52% of the stock is currently owned by institutional investors.

Several analysts recently commented on MDT shares. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $117.00 price objective (down previously from $120.00) on shares of Medtronic in a research note on Monday, February 4th. Oppenheimer set a $104.00 price objective on Medtronic and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Wells Fargo & Co dropped their price objective on Medtronic from $101.00 to $100.00 and set a “market perform” rating on the stock in a research note on Thursday, April 4th. Citigroup raised their price objective on Medtronic from $95.00 to $101.00 and gave the stock a “neutral” rating in a research note on Monday, February 25th. Finally, Barclays reaffirmed a “buy” rating and set a $104.00 price objective on shares of Medtronic in a research note on Wednesday, February 20th. One 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 stock. The company has an average rating of “Buy” and a consensus target price of $103.39.

MDT 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 stock has a market capitalization of $118.17 billion, a price-to-earnings ratio of 18.39, a PEG ratio of 2.19 and a beta of 0.78. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.92 and a current ratio of 2.36.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter last year, the business posted $1.17 EPS. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts expect that Medtronic PLC will post 5.15 EPS for the current fiscal year.

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Medtronic 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.

Further Reading: Average Daily Trade Volume – What You Need to Know

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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