Tokio Marine Asset Management Co. Ltd. Grows Stake in Medtronic PLC (NYSE:MDT)

Key Points

• Tokio Marine Asset Management Co. Ltd. increased its stake in Medtronic PLC by 6.2% during the first quarter, owning a total of 85,620 shares valued at approximately $7,694,000.
• Several brokerages have raised their target prices for Medtronic, with Citigroup setting a new target of $99.00 and Evercore ISI targeting $106.00, indicating confidence in the stock's performance.
• Medtronic recently declared a quarterly dividend of $0.71 per share, reflecting an increase from the previous dividend of $0.70, and securing an annualized yield of 3.1%.

Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 6.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,620 shares of the medical technology company's stock after purchasing an additional 5,022 shares during the quarter. Tokio Marine Asset Management Co. Ltd.'s holdings in Medtronic were worth $7,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Burkett Financial Services LLC increased its position in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new stake in Medtronic during the fourth quarter valued at $27,000. Columbia River Financial Group LLC purchased a new stake in Medtronic during the first quarter valued at $28,000. Optiver Holding B.V. purchased a new stake in Medtronic during the fourth quarter valued at $31,000. Finally, Hughes Financial Services LLC purchased a new stake in Medtronic during the first quarter valued at $32,000. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Down 0.9%

Shares of NYSE MDT traded down $0.87 during midday trading on Thursday, hitting $92.04. The company's stock had a trading volume of 6,848,048 shares, compared to its average volume of 6,449,505. 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 business's 50 day moving average is $89.21 and its two-hundred day moving average is $88.00. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25. The firm has a market cap of $117.98 billion, a P/E ratio of 25.42, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The company's revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities research analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a $0.71 dividend. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Analysts Set New Price Targets

A number of research firms recently commented on MDT. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Mizuho increased their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Twelve research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $98.19.

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.