Nippon Life Global Investors Americas Inc. Sells 15,800 Shares of Medtronic PLC $MDT

Nippon Life Global Investors Americas Inc. lowered its position in shares of Medtronic PLC (NYSE:MDT) by 3.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 471,190 shares of the medical technology company’s stock after selling 15,800 shares during the quarter. Medtronic accounts for about 1.5% of Nippon Life Global Investors Americas Inc.’s investment portfolio, making the stock its 21st largest position. Nippon Life Global Investors Americas Inc.’s holdings in Medtronic were worth $37,200,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Monetary Solutions Ltd purchased a new position in shares of Medtronic during the 4th quarter valued at $27,000. Anfield Capital Management LLC increased its stake in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after buying an additional 230 shares in the last quarter. Acumen Wealth Advisors LLC bought a new stake in Medtronic during the fourth quarter valued at about $29,000. Imprint Wealth LLC bought a new stake in Medtronic during the third quarter valued at about $31,000. Finally, Basepoint Wealth LLC purchased a new position in shares of Medtronic in the fourth quarter valued at about $32,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Down 1.8%

Shares of MDT stock opened at $92.45 on Friday. The company has a market cap of $118.33 billion, a PE ratio of 24.79, a price-to-earnings-growth ratio of 2.52 and a beta of 0.55. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The stock’s 50 day simple moving average is $84.12 and its two-hundred day simple moving average is $86.01. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62.

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, September 25th. Medtronic’s dividend payout ratio is presently 77.21%.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by company insiders.

Analysts Set New Price Targets

MDT has been the subject of a number of recent analyst reports. Leerink Partners dropped their price objective on Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a research note on Thursday, June 4th. Sanford C. Bernstein lowered their price target on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. JPMorgan Chase & Co. dropped their price target on Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. Truist Financial cut their price objective on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a report on Thursday, June 4th. Finally, Rothschild & Co Redburn cut their price objective on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a report on Friday, June 5th. Eighteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and an average target price of $98.83.

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).