Sumitomo Mitsui Trust Group Inc. Has $242.70 Million Position in Medtronic plc (NYSE:MDT)

Sumitomo Mitsui Trust Group Inc. boosted its holdings in Medtronic plc (NYSE:MDT) by 0.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,038,346 shares of the medical technology company’s stock after purchasing an additional 7,186 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Medtronic were worth $242,703,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MDT. Wedmont Private Capital grew its position in Medtronic by 10.5% in the 3rd quarter. Wedmont Private Capital now owns 4,798 shares of the medical technology company’s stock valued at $418,000 after purchasing an additional 457 shares during the period. USA Financial Formulas boosted its holdings in Medtronic by 15,529.4% during the 3rd quarter. USA Financial Formulas now owns 2,657 shares of the medical technology company’s stock worth $239,000 after acquiring an additional 2,640 shares during the last quarter. San Luis Wealth Advisors LLC boosted its holdings in Medtronic by 126.8% during the 3rd quarter. San Luis Wealth Advisors LLC now owns 7,416 shares of the medical technology company’s stock worth $668,000 after acquiring an additional 4,146 shares during the last quarter. Franklin Street Advisors Inc. NC boosted its holdings in Medtronic by 80.8% during the 3rd quarter. Franklin Street Advisors Inc. NC now owns 55,460 shares of the medical technology company’s stock worth $4,993,000 after acquiring an additional 24,780 shares during the last quarter. Finally, Virginia Wealth Management Group Inc. boosted its holdings in Medtronic by 34.4% during the 3rd quarter. Virginia Wealth Management Group Inc. now owns 29,719 shares of the medical technology company’s stock worth $2,676,000 after acquiring an additional 7,600 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Down 0.9 %

Shares of Medtronic stock opened at $90.01 on Friday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The stock’s 50-day simple moving average is $84.78 and its 200 day simple moving average is $86.31. The stock has a market capitalization of $115.42 billion, a P/E ratio of 27.53, a P/E/G ratio of 2.57 and a beta of 0.84. 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 (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the business posted $1.25 EPS. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, research analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is presently 85.63%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Wells Fargo & Company cut 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. Robert W. Baird cut their price objective 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. Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Finally, 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was 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 owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.20% of the company’s stock.

About Medtronic

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.