Sompo Asset Management Co. Ltd. Sells 11,077 Shares of Medtronic plc (NYSE:MDT)

Sompo Asset Management Co. Ltd. lowered its position in Medtronic plc (NYSE:MDT) by 9.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 104,633 shares of the medical technology company’s stock after selling 11,077 shares during the period. Medtronic makes up 1.4% of Sompo Asset Management Co. Ltd.’s investment portfolio, making the stock its 16th largest holding. Sompo Asset Management Co. Ltd.’s holdings in Medtronic were worth $8,358,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MDT. Norges Bank acquired a new stake in Medtronic in the 4th quarter valued at $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic during the fourth quarter valued at $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in shares of Medtronic in the 4th quarter valued at $377,169,000. Van ECK Associates Corp grew its holdings in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

Medtronic Trading Up 1.9 %

MDT opened at $83.39 on Wednesday. The firm has a 50 day simple moving average of $88.54 and a 200 day simple moving average of $87.34. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The company has a market cap of $106.95 billion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date was Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Robert W. Baird raised their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. UBS Group increased their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $96.14.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.