Resona Asset Management Co. Ltd. Cuts Stake in Medtronic PLC $MDT

Resona Asset Management Co. Ltd. lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 5.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 335,203 shares of the medical technology company's stock after selling 19,957 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Medtronic were worth $32,200,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Lodestone Wealth Management LLC bought a new stake in shares of Medtronic during the 4th quarter valued at about $27,000. Anfield Capital Management LLC grew its position in shares of Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after buying an additional 230 shares during the period. Board of the Pension Protection Fund bought a new position in shares of Medtronic during the fourth quarter valued at $29,000. GoalVest Advisory LLC bought a new position in shares of Medtronic during the fourth quarter valued at $29,000. Finally, Valley Wealth Managers Inc. bought a new position in shares of Medtronic during the third quarter valued at $29,000. Institutional investors own 82.06% of the company's stock.

Key Headlines Impacting Medtronic

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Medtronic’s long-running dividend growth story is in focus again, with investors viewing the company as a stable income name as its 47-year streak of dividend increases is expected to continue. Medtronic dividend preview: 47-year growth streak set to continue
• Positive Sentiment: Medtronic is also benefiting from the broader “silver economy” investment theme, as aging populations continue to drive demand for medical devices and healthcare solutions. Silver Economy Investing: Why the Healthcare Giants Are in Focus
• Neutral Sentiment: The company announced Kweli Thompson will take over leadership of its neuroscience portfolio, replacing Brett Wall as part of a planned transition. The move keeps attention on execution in a major segment, but it is not a major financial update by itself. Medtronic Neuroscience Appointment Puts Focus On Execution And Growth Risks
• Neutral Sentiment: Medtronic also named new leaders in its neuroscience portfolio in a separate announcement, reinforcing that the change is already being absorbed by the market. Medtronic, BD name new leaders
• Neutral Sentiment: Recent trading commentary noted MDT had been advancing while the broader market declined, suggesting relative strength rather than a company-specific catalyst. Medtronic (MDT) Advances While Market Declines: Some Information for Investors

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 52,524 shares of the business's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $97.71, for a total value of $5,132,120.04. Following the completion of the transaction, the executive vice president directly owned 32,768 shares of the company's stock, valued at approximately $3,201,761.28. The trade was a 61.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.26% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MDT shares. Needham & Company LLC reaffirmed a "buy" rating and set a $120.00 price objective on shares of Medtronic in a research report on Thursday, March 26th. Piper Sandler lowered their price objective on Medtronic from $105.00 to $91.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 1st. Jefferies Financial Group reaffirmed a "hold" rating and set a $95.00 price objective on shares of Medtronic in a research report on Thursday, April 23rd. Evercore set a $106.00 target price on Medtronic and gave the company an "outperform" rating in a research note on Thursday, April 9th. Finally, Wells Fargo & Company assumed coverage on Medtronic in a research note on Friday, January 30th. They set an "overweight" rating and a $114.00 target price on the stock. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and a consensus target price of $107.80.

Medtronic Price Performance

MDT opened at $78.51 on Wednesday. The business has a fifty day moving average of $84.20 and a 200 day moving average of $93.43. Medtronic PLC has a 52-week low of $74.40 and a 52-week high of $106.33. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The stock has a market cap of $100.80 billion, a P/E ratio of 21.87, a PEG ratio of 1.84 and a beta of 0.62.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, February 17th. The medical technology company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.02. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.The business had revenue of $9.02 billion during the quarter, compared to analysts' expectations of $8.89 billion. During the same period in the prior year, the business earned $1.38 EPS. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.57 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, March 27th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, March 27th. Medtronic's payout ratio is presently 79.11%.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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