Sumitomo Life Insurance Co. Sells 1,097 Shares of Medtronic plc (NYSE:MDT)

Sumitomo Life Insurance Co. lowered its stake in shares of Medtronic plc (NYSE:MDT) by 4.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,535 shares of the medical technology company’s stock after selling 1,097 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Medtronic were worth $1,774,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. SRS Capital Advisors Inc. lifted its stake in shares of Medtronic by 19.6% during the second quarter. SRS Capital Advisors Inc. now owns 782 shares of the medical technology company’s stock worth $69,000 after buying an additional 128 shares during the period. Modera Wealth Management LLC grew its stake in Medtronic by 3.9% during the 3rd quarter. Modera Wealth Management LLC now owns 3,537 shares of the medical technology company’s stock valued at $277,000 after purchasing an additional 133 shares during the last quarter. jvl associates llc increased its holdings in shares of Medtronic by 3.8% in the fourth quarter. jvl associates llc now owns 3,840 shares of the medical technology company’s stock valued at $316,000 after purchasing an additional 139 shares during the period. Washington Trust Advisors Inc. raised its stake in shares of Medtronic by 7.1% in the third quarter. Washington Trust Advisors Inc. now owns 2,102 shares of the medical technology company’s stock worth $165,000 after purchasing an additional 140 shares during the last quarter. Finally, Dfpg Investments LLC lifted its holdings in shares of Medtronic by 0.3% during the fourth quarter. Dfpg Investments LLC now owns 53,045 shares of the medical technology company’s stock worth $4,413,000 after purchasing an additional 142 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Medtronic Trading Down 2.5 %

MDT stock opened at $80.13 on Monday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The business’s 50-day moving average is $84.65 and its 200 day moving average is $81.01. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The stock has a market cap of $106.40 billion, a price-to-earnings ratio of 25.52, a PEG ratio of 2.74 and a beta of 0.76.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.30 earnings per share. On average, sell-side analysts anticipate that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a yield of 3.44%. Medtronic’s payout ratio is presently 87.90%.

Insider Activity at Medtronic

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

About Medtronic

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.