Nippon Life Global Investors Americas Inc. Lowers Stake in Medtronic PLC $MDT

Nippon Life Global Investors Americas Inc. cut its stake in Medtronic PLC (NYSE:MDT) by 3.2% during the second quarter, HoldingsChannel reports. The firm owned 471,190 shares of the medical technology company’s stock after selling 15,800 shares during the period. Medtronic accounts for about 1.5% of Nippon Life Global Investors Americas Inc.’s holdings, making the stock its 21st largest position. Nippon Life Global Investors Americas Inc.’s holdings in Medtronic were worth $37,200,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the stock. New England Capital Financial Advisors LLC lifted its holdings in Medtronic by 7.8% during the 4th quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company’s stock valued at $135,000 after buying an additional 101 shares in the last quarter. Ipsen Advisor Group LLC increased its position in shares of Medtronic by 1.7% during the fourth quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company’s stock worth $572,000 after acquiring an additional 101 shares during the period. Quadrant Capital Group LLC increased its position in shares of Medtronic by 0.3% during the fourth quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company’s stock worth $3,120,000 after acquiring an additional 101 shares during the period. Rossby Financial LCC raised its stake in shares of Medtronic by 5.1% during the fourth quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company’s stock valued at $211,000 after acquiring an additional 107 shares in the last quarter. Finally, Wealthspire Retirement LLC raised its stake in shares of Medtronic by 5.0% during the fourth quarter. Wealthspire Retirement LLC now owns 2,410 shares of the medical technology company’s stock valued at $232,000 after acquiring an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on MDT. Mizuho dropped their price objective on Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 3rd. Jefferies Financial Group reaffirmed a “hold” rating and set a $88.00 target price on shares of Medtronic in a research report on Thursday, June 4th. Needham & Company LLC reissued a “buy” rating and set a $101.00 price target on shares of Medtronic in a research report on Wednesday, June 17th. The Goldman Sachs Group cut their price target on Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Finally, Leerink Partners lowered their price objective on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a research note on Thursday, June 4th. Eighteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and a consensus target price of $98.83.

Insider Buying and Selling at Medtronic

In other 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 value of $336,963.16. Following the sale, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Medtronic Trading Down 1.8%

MDT opened at $92.45 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The firm has a market cap of $118.33 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 2.52 and a beta of 0.55. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The stock has a fifty day moving average price of $84.12 and a 200-day moving average price of $86.01.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter last year, the company earned $1.62 earnings per share. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities research analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, September 25th. Medtronic’s dividend payout ratio is presently 77.21%.

Medtronic Company 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).