Sumitomo Mitsui Trust Holdings Inc. Trims Stock Position in Medtronic plc (NYSE:MDT)

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in Medtronic plc (NYSE:MDT) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,081,198 shares of the medical technology company’s stock after selling 126,176 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Medtronic were worth $242,521,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of MDT. MeadowBrook Investment Advisors LLC purchased a new position in Medtronic in the fourth quarter valued at $27,000. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic in the first quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic during the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the 1st quarter valued at $33,000. Finally, Fortis Group Advisors LLC increased its holdings in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 1.1 %

MDT stock traded up $0.95 during trading on Friday, reaching $84.60. 5,374,797 shares of the stock were exchanged, compared to its average volume of 6,239,440. The business has a 50 day moving average price of $80.00 and a 200-day moving average price of $82.34. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $89.18. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $108.48 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.57 EPS. On average, research analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.31%. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MDT shares. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a research report on Thursday. Wells Fargo & Company boosted their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Citigroup decreased their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Truist Financial lowered their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, July 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $91.30.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Company 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.