Nomura Asset Management Co. Ltd. Reduces Position in Medtronic plc (NYSE:MDT)

Nomura Asset Management Co. Ltd. decreased its position in Medtronic plc (NYSE:MDT) by 4.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,172,588 shares of the medical technology company’s stock after selling 51,631 shares during the period. Nomura Asset Management Co. Ltd. owned about 0.09% of Medtronic worth $93,666,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MDT. Loomis Sayles & Co. L P raised its stake in shares of Medtronic by 6.9% during the third quarter. Loomis Sayles & Co. L P now owns 2,182 shares of the medical technology company’s stock valued at $196,000 after acquiring an additional 141 shares during the last quarter. FMR LLC increased its holdings in Medtronic by 21.0% during the 3rd quarter. FMR LLC now owns 1,839,569 shares of the medical technology company’s stock valued at $165,616,000 after purchasing an additional 319,256 shares during the period. Glenmede Trust Co. NA increased its holdings in Medtronic by 31.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 380,554 shares of the medical technology company’s stock valued at $34,261,000 after purchasing an additional 90,111 shares during the period. CreativeOne Wealth LLC raised its position in Medtronic by 279.5% during the 3rd quarter. CreativeOne Wealth LLC now owns 20,672 shares of the medical technology company’s stock valued at $1,861,000 after purchasing an additional 15,225 shares during the last quarter. Finally, Fiduciary Trust Co lifted its holdings in Medtronic by 0.4% in the 3rd quarter. Fiduciary Trust Co now owns 35,375 shares of the medical technology company’s stock worth $3,185,000 after buying an additional 142 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.9 %

NYSE MDT opened at $89.00 on Friday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock’s fifty day moving average price is $91.00 and its 200-day moving average price is $88.05. The stock has a market cap of $114.14 billion, a P/E ratio of 27.05, a P/E/G ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, equities analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.15%. Medtronic’s payout ratio is currently 85.11%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on 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 sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Robert W. Baird raised their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $96.07.

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.