Tokio Marine Asset Management Co. Ltd. Raises Stock Position in Medtronic plc (NYSE:MDT)

Tokio Marine Asset Management Co. Ltd. grew its position in shares of Medtronic plc (NYSE:MDT) by 12.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,397 shares of the medical technology company’s stock after buying an additional 10,018 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Medtronic were worth $7,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Pzena Investment Management LLC increased its stake in shares of Medtronic by 112.8% in the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after purchasing an additional 3,037,394 shares in the last quarter. Morgan Stanley increased its position in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Medtronic by 30.1% in the third quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock worth $406,004,000 after buying an additional 1,199,639 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Medtronic by 78.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,356,359 shares of the medical technology company’s stock valued at $184,644,000 after buying an additional 1,035,747 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after acquiring an additional 1,026,274 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MDT shares. Mizuho increased their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Truist Financial increased their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Finally, Oppenheimer upped their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $94.91.

Medtronic Price Performance

MDT stock traded down $0.91 during trading on Wednesday, hitting $80.38. 5,028,122 shares of the company’s stock traded hands, compared to its average volume of 6,274,381. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The stock has a market capitalization of $106.73 billion, a price-to-earnings ratio of 25.60, a P/E/G ratio of 2.76 and a beta of 0.76. The business has a fifty day simple moving average of $83.73 and a 200 day simple moving average of $81.14. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The firm had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 EPS. As a group, research analysts expect that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.43%. Medtronic’s payout ratio is presently 87.90%.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Medtronic 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.