Global X Japan Co. Ltd. Grows Stake in Medtronic plc (NYSE:MDT)

Global X Japan Co. Ltd. raised its position in Medtronic plc (NYSE:MDT) by 8.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 5,717 shares of the medical technology company’s stock after purchasing an additional 441 shares during the period. Global X Japan Co. Ltd.’s holdings in Medtronic were worth $457,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Medtronic by 436.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after buying an additional 5,975,110 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Medtronic by 65.0% in the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after acquiring an additional 1,790,483 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Medtronic by 58.4% during the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock worth $346,705,000 after buying an additional 1,420,263 shares during the period. International Assets Investment Management LLC increased its stake in Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the period. Finally, Worldquant Millennium Advisors LLC lifted its holdings in Medtronic by 5,124.5% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,035,708 shares of the medical technology company’s stock worth $93,245,000 after buying an additional 1,015,884 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is owned by insiders.

Medtronic Stock Performance

Shares of MDT opened at $90.85 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a fifty day moving average of $84.69 and a 200-day moving average of $86.28. The company has a market cap of $116.50 billion, a price-to-earnings ratio of 27.78, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the company earned $1.25 earnings per share. Medtronic’s revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MDT. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Sanford C. Bernstein raised their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Finally, Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Profile

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.