Nomura Asset Management Co. Ltd. Sells 51,631 Shares of Medtronic plc (NYSE:MDT)

Nomura Asset Management Co. Ltd. lessened its stake in Medtronic plc (NYSE:MDT) by 4.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,172,588 shares of the medical technology company’s stock after selling 51,631 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Medtronic were worth $93,666,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the fourth quarter worth $26,000. Rakuten Securities Inc. grew its stake in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares during the period. Stephens Consulting LLC grew its stake in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares during the period. Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic during the 4th quarter valued at about $36,000. Finally, Chelsea Counsel Co. bought a new position in shares of Medtronic in the 3rd quarter worth approximately $45,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.9 %

NYSE MDT opened at $89.00 on Friday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a market cap of $114.14 billion, a PE ratio of 27.05, a P/E/G ratio of 2.22 and a beta of 0.80. The stock’s 50 day moving average is $91.00 and its 200 day moving average is $88.05.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.15%. Medtronic’s payout ratio is 85.11%.

Analysts Set New Price Targets

MDT has been the subject of several recent research reports. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Robert W. Baird upped their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $96.07.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Medtronic Company 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.