Norinchukin Bank The Boosts Position in Medtronic PLC $MDT

Key Points

• Norinchukin Bank increased its stake in Medtronic PLC by 15.2%, acquiring an additional 8,797 shares in the first quarter, bringing its total holdings to $5.98 million.
• Analysts have set new price targets for Medtronic, with Evercore ISI raising their target from $103.00 to $106.00, while Wells Fargo increased it to $100.00, indicating a generally positive outlook.
• Medtronic recently announced a quarterly dividend of $0.71 per share, yielding 3.1%, with the dividend set to be paid on October 17th.

Norinchukin Bank The lifted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 15.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 66,576 shares of the medical technology company's stock after purchasing an additional 8,797 shares during the period. Norinchukin Bank The's holdings in Medtronic were worth $5,983,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Boston Partners boosted its position in Medtronic by 122.8% during the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after buying an additional 3,809,450 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Medtronic by 42.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock valued at $903,915,000 after buying an additional 3,017,849 shares during the period. Nuveen LLC purchased a new stake in Medtronic during the 1st quarter valued at $260,649,000. Burgundy Asset Management Ltd. purchased a new stake in Medtronic during the 4th quarter valued at $174,329,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Medtronic during the 4th quarter valued at $139,869,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Robert W. Baird increased their price target on shares of Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Royal Bank Of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Wells Fargo & Company raised their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. Leerink Partners initiated coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Finally, UBS Group raised their target price on shares of Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $101.15.

Medtronic Stock Performance

NYSE MDT traded down $0.69 during trading hours on Monday, hitting $92.02. 4,763,821 shares of the company's stock traded hands, compared to its average volume of 7,720,845. The business's fifty day moving average price is $89.73 and its two-hundred day moving average price is $87.99. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $117.95 billion, a P/E ratio of 25.35, a P/E/G ratio of 2.35 and a beta of 0.80. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.56%. The company's revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's dividend payout ratio is currently 78.24%.

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.