Texas Permanent School Fund Has $23.76 Million Stake in Medtronic PLC (MDT)

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Texas Permanent School Fund reduced its position in Medtronic PLC (NYSE:MDT) by 3.4% in the first quarter, HoldingsChannel.com reports. The fund owned 260,912 shares of the medical technology company’s stock after selling 9,225 shares during the quarter. Texas Permanent School Fund’s holdings in Medtronic were worth $23,764,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Hedeker Wealth LLC raised its stake in shares of Medtronic by 0.6% during the fourth quarter. Hedeker Wealth LLC now owns 21,039 shares of the medical technology company’s stock worth $1,913,000 after acquiring an additional 124 shares in the last quarter. Hanson McClain Inc. raised its stake in shares of Medtronic by 1.7% during the fourth quarter. Hanson McClain Inc. now owns 7,321 shares of the medical technology company’s stock worth $666,000 after acquiring an additional 125 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Medtronic by 3.1% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock worth $376,000 after acquiring an additional 126 shares in the last quarter. Abbrea Capital LLC increased its stake in shares of Medtronic by 3.0% in the fourth quarter. Abbrea Capital LLC now owns 4,384 shares of the medical technology company’s stock worth $401,000 after buying an additional 128 shares during the period. Finally, Hanson & Doremus Investment Management increased its stake in shares of Medtronic by 0.9% in the first quarter. Hanson & Doremus Investment Management now owns 14,416 shares of the medical technology company’s stock worth $1,313,000 after buying an additional 128 shares during the period. Institutional investors own 81.52% of the company’s stock.

Several research analysts recently commented on MDT shares. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $117.00 target price (down from $120.00) on shares of Medtronic in a research note on Monday, February 4th. Oppenheimer set a $104.00 target price on shares of Medtronic and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Wells Fargo & Co decreased their target price on shares of 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 lifted their target price on shares of 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 issued a $104.00 target price on shares of Medtronic in a research note on Wednesday, February 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Medtronic has an average rating of “Buy” and a consensus price target of $103.39.

NYSE:MDT opened at $88.11 on Friday. The firm has a market capitalization of $118.38 billion, a P/E ratio of 18.47, a P/E/G ratio of 2.19 and a beta of 0.78. Medtronic PLC has a twelve month low of $81.66 and a twelve month high of $100.15. The company has a current ratio of 2.36, a quick ratio of 1.92 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.05. The business had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.53 billion. Medtronic had a net margin of 16.10% and a return on equity of 13.85%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.17 earnings per share. As a group, analysts predict that Medtronic PLC will post 5.15 earnings per share 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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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