Resona Asset Management Co. Ltd. Decreases Holdings in Medtronic PLC $MDT

Resona Asset Management Co. Ltd. lowered its position in Medtronic PLC (NYSE:MDT) by 9.7% during the second quarter, HoldingsChannel.com reports. The fund owned 304,895 shares of the medical technology company’s stock after selling 32,871 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Medtronic were worth $23,852,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after purchasing an additional 1,888,381 shares in the last quarter. State Street Corp raised its position in shares of Medtronic by 2.0% during the 4th quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock worth $5,966,780,000 after purchasing an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Medtronic by 2.7% in the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock worth $5,150,420,000 after acquiring an additional 1,419,730 shares during the last quarter. Capital Research Global Investors lifted its holdings in Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Medtronic by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock worth $2,665,832,000 after acquiring an additional 231,919 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $91.10 on Friday. The firm’s fifty day simple moving average is $83.20 and its 200 day simple moving average is $86.36. The firm has a market capitalization of $116.62 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 2.43 and a beta of 0.55. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52.

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

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date was Friday, June 26th. Medtronic’s payout ratio is currently 77.21%.

Analyst Ratings Changes

MDT has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $101.00 price objective on shares of Medtronic in a research report on Wednesday, June 17th. Sanford C. Bernstein decreased their price target on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research note on Thursday, June 4th. Royal Bank Of Canada restated an “outperform” rating and issued a $118.00 price target on shares of Medtronic in a report on Thursday, June 4th. Piper Sandler reaffirmed a “neutral” rating on shares of Medtronic in a research note on Monday. Finally, TD Cowen cut their price objective on shares of Medtronic from $119.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average target price of $98.83.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.26% of the company’s stock.

About Medtronic

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).