Sumitomo Mitsui DS Asset Management Company Ltd Acquires 285 Shares of Medtronic plc (NYSE:MDT)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Medtronic plc (NYSE:MDT) by 0.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,125 shares of the medical technology company’s stock after acquiring an additional 285 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Medtronic were worth $13,966,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Los Angeles Capital Management LLC lifted its position in Medtronic by 754.8% in the 1st quarter. Los Angeles Capital Management LLC now owns 58,993 shares of the medical technology company’s stock valued at $5,141,000 after acquiring an additional 52,092 shares in the last quarter. Wedmont Private Capital lifted its holdings in shares of Medtronic by 4.6% during the 1st quarter. Wedmont Private Capital now owns 3,798 shares of the medical technology company’s stock valued at $318,000 after buying an additional 166 shares during the period. Park Avenue Securities LLC lifted its holdings in shares of Medtronic by 20.1% during the 1st quarter. Park Avenue Securities LLC now owns 46,764 shares of the medical technology company’s stock valued at $4,075,000 after buying an additional 7,841 shares during the period. RFG Advisory LLC lifted its holdings in shares of Medtronic by 5.2% during the 1st quarter. RFG Advisory LLC now owns 23,076 shares of the medical technology company’s stock valued at $2,011,000 after buying an additional 1,134 shares during the period. Finally, &PARTNERS lifted its holdings in shares of Medtronic by 233.4% during the 1st quarter. &PARTNERS now owns 10,843 shares of the medical technology company’s stock valued at $951,000 after buying an additional 7,591 shares during the period. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MDT shares. Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Truist Financial increased their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Evercore ISI raised their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Robert W. Baird raised their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have issued 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 presently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Trading Up 2.7 %

Shares of MDT stock opened at $92.23 on Friday. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.25. 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 capitalization of $118.26 billion, a PE ratio of 33.54, a PEG ratio of 2.53 and a beta of 0.84. The stock has a fifty day simple moving average of $88.45 and a two-hundred day simple moving average of $83.60.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.20 earnings per share. On average, analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. Medtronic’s payout ratio is 101.82%.

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.