Dai ichi Life Insurance Company Ltd Sells 10,761 Shares of Medtronic plc (NYSE:MDT)

Dai ichi Life Insurance Company Ltd cut its position in Medtronic plc (NYSE:MDT) by 21.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,721 shares of the medical technology company’s stock after selling 10,761 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Medtronic were worth $3,272,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MDT. Signaturefd LLC raised its stake in shares of Medtronic by 7.3% in the third quarter. Signaturefd LLC now owns 15,600 shares of the medical technology company’s stock valued at $1,222,000 after buying an additional 1,061 shares during the period. Aspire Private Capital LLC raised its stake in shares of Medtronic by 22.1% during the 3rd quarter. Aspire Private Capital LLC now owns 1,590 shares of the medical technology company’s stock valued at $125,000 after purchasing an additional 288 shares during the period. Regent Peak Wealth Advisors LLC raised its stake in shares of Medtronic by 1.5% during the 3rd quarter. Regent Peak Wealth Advisors LLC now owns 25,287 shares of the medical technology company’s stock valued at $1,981,000 after purchasing an additional 370 shares during the period. NBC Securities Inc. bought a new stake in shares of Medtronic during the 3rd quarter valued at $3,128,000. Finally, Pinnacle Financial Partners Inc raised its stake in shares of Medtronic by 0.8% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 288,804 shares of the medical technology company’s stock valued at $22,631,000 after purchasing an additional 2,335 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’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 completion of the transaction, the executive vice president now 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 Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Medtronic Trading Down 2.9 %

MDT stock traded down $2.49 during trading on Thursday, hitting $83.27. 2,356,506 shares of the company traded hands, compared to its average volume of 6,064,102. The firm has a market capitalization of $110.57 billion, a PE ratio of 27.31, a P/E/G ratio of 2.78 and a beta of 0.78. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a 50-day moving average of $82.90 and a 200-day moving average of $82.62. 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 released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.57 EPS. Analysts predict that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.36%. Medtronic’s dividend payout ratio is presently 87.90%.

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.