Sumitomo Life Insurance Co. Has $1.46 Million Stake in Medtronic plc (NYSE:MDT)

Sumitomo Life Insurance Co. reduced its holdings in Medtronic plc (NYSE:MDT) by 3.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Quarry LP acquired a new stake in shares of Medtronic in the second quarter valued at $118,000. EP Wealth Advisors LLC grew its holdings in Medtronic by 47.2% during the 2nd quarter. EP Wealth Advisors LLC now owns 12,255 shares of the medical technology company’s stock worth $965,000 after acquiring an additional 3,931 shares during the last quarter. Granite Bay Wealth Management LLC acquired a new stake in Medtronic in the 2nd quarter valued at about $516,000. KPP Advisory Services LLC increased its position in Medtronic by 42.4% in the 2nd quarter. KPP Advisory Services LLC now owns 4,622 shares of the medical technology company’s stock valued at $364,000 after acquiring an additional 1,376 shares in the last quarter. Finally, Farmers National Bank raised its stake in shares of Medtronic by 4.2% in the second quarter. Farmers National Bank now owns 44,657 shares of the medical technology company’s stock worth $3,515,000 after acquiring an additional 1,812 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Sanford C. Bernstein lifted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. cut their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

Shares of Medtronic stock opened at $91.51 on Thursday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $93.08. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $117.34 billion, a PE ratio of 27.98, a PEG ratio of 2.49 and a beta of 0.83. The stock’s fifty day simple moving average is $83.99 and its 200 day simple moving average is $85.83.

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

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend 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.