Meiji Yasuda Asset Management Co Ltd. Increases Holdings in Medtronic plc (NYSE:MDT)

Meiji Yasuda Asset Management Co Ltd. grew its holdings in Medtronic plc (NYSE:MDT) by 12.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 170,718 shares of the medical technology company’s stock after acquiring an additional 18,754 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Medtronic were worth $13,437,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Chemung Canal Trust Co. raised its holdings in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Medtronic in the second quarter valued at $25,643,000. TD Asset Management Inc raised its holdings in shares of Medtronic by 4.3% in the fourth quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after buying an additional 42,988 shares during the last quarter. SageView Advisory Group LLC boosted its stake in shares of Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after buying an additional 9,523 shares during the period. Finally, Camden National Bank grew its holdings in shares of Medtronic by 98.7% during the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock worth $9,890,000 after buying an additional 59,625 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $88.63 on Wednesday. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The business’s 50-day moving average price is $84.10 and its 200 day moving average price is $82.87. The company has a market capitalization of $113.65 billion, a PE ratio of 32.23, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 EPS. On average, research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Citigroup decreased their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic 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.