Sumitomo Life Insurance Co. Sells 589 Shares of Medtronic plc (NYSE:MDT)

Sumitomo Life Insurance Co. lowered its stake in shares of Medtronic plc (NYSE:MDT) by 3.1% during the fourth quarter, HoldingsChannel reports. The firm owned 18,219 shares of the medical technology company’s stock after selling 589 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Medtronic were worth $1,455,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Quarry LP acquired a new stake in Medtronic in the second quarter valued at $118,000. EP Wealth Advisors LLC raised its holdings in shares of Medtronic by 47.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 12,255 shares of the medical technology company’s stock valued at $965,000 after purchasing an additional 3,931 shares during the period. Granite Bay Wealth Management LLC bought a new position in Medtronic during the second quarter worth about $516,000. KPP Advisory Services LLC increased its position in Medtronic by 42.4% during the second quarter. KPP Advisory Services LLC now owns 4,622 shares of the medical technology company’s stock worth $364,000 after buying an additional 1,376 shares during the last quarter. Finally, Farmers National Bank increased its position in Medtronic by 4.2% during the second quarter. Farmers National Bank now owns 44,657 shares of the medical technology company’s stock worth $3,515,000 after buying an additional 1,812 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on MDT shares. Sanford C. Bernstein lifted their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Wells Fargo & Company decreased their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Robert W. Baird lowered their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.00.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $91.51 on Thursday. The stock’s 50-day moving average is $83.99 and its two-hundred day moving average is $85.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The firm has a market cap of $117.34 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 EPS. Analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

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.