Nippon Life Global Investors Americas Inc. Purchases 328,740 Shares of Medtronic PLC $MDT

Key Points

• Nippon Life Global Investors Americas Inc. increased its stake in Medtronic PLC by 330.9% during the 1st quarter, bringing its total to 428,100 shares valued at approximately $38.77 million.
• The company recently reported a quarterly earnings per share of $1.26, surpassing analysts' expectations of $1.23, with revenues of $8.58 billion for the quarter.
• Medtronic announced a quarterly dividend of $0.71 per share, representing a 3.1% yield, with the payment scheduled for October 17th.

Nippon Life Global Investors Americas Inc. increased its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 330.9% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 428,100 shares of the medical technology company's stock after buying an additional 328,740 shares during the quarter. Medtronic comprises approximately 1.9% of Nippon Life Global Investors Americas Inc.'s portfolio, making the stock its 20th biggest position. Nippon Life Global Investors Americas Inc.'s holdings in Medtronic were worth $38,769,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MDT. Burkett Financial Services LLC increased its holdings in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after buying an additional 185 shares in the last quarter. 1248 Management LLC bought a new stake in shares of Medtronic during the 1st quarter valued at about $26,000. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the 4th quarter valued at about $27,000. Columbia River Financial Group LLC bought a new stake in shares of Medtronic during the 1st quarter valued at about $28,000. Finally, Twin Tree Management LP bought a new stake in shares of Medtronic during the 1st quarter valued at about $29,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded up $0.08 during trading hours on Friday, reaching $92.93. 4,856,702 shares of the company traded hands, compared to its average volume of 6,940,718. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The company has a market cap of $119.20 billion, a P/E ratio of 25.60, a P/E/G ratio of 2.36 and a beta of 0.77. The firm has a 50-day moving average price of $90.97 and a 200 day moving average price of $88.14.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same period in the previous year, the firm earned $1.23 EPS. The business's quarterly revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

Insider Buying and Selling

In related news, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, the executive vice president directly owned 35,615 shares of the company's stock, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William R. Jellison purchased 2,500 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the acquisition, the director owned 5,000 shares in the company, valued at $461,850. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MDT shares. Morgan Stanley restated an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Citigroup boosted their price target on Medtronic from $99.00 to $101.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. William Blair upgraded Medtronic to a "hold" rating in a research note on Friday, July 11th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Evercore ISI boosted their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and an average price target of $102.14.

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.