Sompo Asset Management Co. Ltd. Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Sompo Asset Management Co. Ltd. trimmed its position in Medtronic plc (NYSE:MDT) by 4.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 111,890 shares of the medical technology company’s stock after selling 5,730 shares during the period. Medtronic comprises 1.5% of Sompo Asset Management Co. Ltd.’s investment portfolio, making the stock its 16th biggest position. Sompo Asset Management Co. Ltd.’s holdings in Medtronic were worth $8,807,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its position in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Medtronic by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after buying an additional 727,931 shares during the last quarter. Sanders Capital LLC grew its position in Medtronic by 2.8% during the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock valued at $1,040,802,000 after buying an additional 346,641 shares during the period. Pzena Investment Management LLC increased its holdings in Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after buying an additional 637,931 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after buying an additional 515,751 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MDT. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Piper Sandler increased their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Finally, Stifel Nicolaus lifted their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Price Performance

MDT stock opened at $89.35 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a market cap of $114.57 billion, a P/E ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84. The firm’s fifty day moving average is $84.77 and its 200 day moving average is $82.99. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the company posted $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

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.