Tokio Marine Asset Management Co. Ltd. decreased its holdings in shares of Medtronic PLC (NYSE:MDT – Free Report) by 25.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,072 shares of the medical technology company’s stock after selling 22,648 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Medtronic were worth $5,091,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in MDT. Brighton Jones LLC lifted its stake in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Sivia Capital Partners LLC grew its position in shares of Medtronic by 9.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock worth $380,000 after buying an additional 381 shares during the period. Jump Financial LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth approximately $299,000. Main Street Financial Solutions LLC grew its position in shares of Medtronic by 28.9% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock worth $1,251,000 after buying an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC increased its stake in shares of Medtronic by 21.3% in the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company’s stock valued at $1,676,000 after acquiring an additional 3,376 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.
Medtronic Trading Up 0.6%
Shares of Medtronic stock opened at $91.10 on Friday. The company has a market capitalization of $116.62 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The stock has a fifty day simple moving average of $83.20 and a 200 day simple moving average of $86.36. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. 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 Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a $0.72 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Friday, June 26th. Medtronic’s dividend payout ratio is currently 77.21%.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the stock. Truist Financial dropped their target price on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a research report on Thursday, June 4th. BTIG Research restated a “buy” rating and issued a $91.00 price target on shares of Medtronic in a report on Monday, July 13th. Weiss Ratings downgraded shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Piper Sandler reiterated a “neutral” rating on shares of Medtronic in a report on Monday, August 10th. Finally, UBS Group upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the company from $85.00 to $100.00 in a report on Tuesday, July 28th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.83.
View Our Latest Stock Report on Medtronic
Insider Buying and Selling at Medtronic
In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is owned by insiders.
Medtronic 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).
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