Nippon Life Global Investors Americas Inc. Sells 66,910 Shares of Medtronic PLC $MDT

Nippon Life Global Investors Americas Inc. cut its stake in shares of Medtronic PLC (NYSE:MDT) by 14.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 404,280 shares of the medical technology company’s stock after selling 66,910 shares during the period. Medtronic accounts for approximately 1.4% of Nippon Life Global Investors Americas Inc.’s holdings, making the stock its 22nd biggest holding. Nippon Life Global Investors Americas Inc.’s holdings in Medtronic were worth $35,176,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Gradient Investments LLC raised its stake in shares of Medtronic by 3.9% during the second quarter. Gradient Investments LLC now owns 496,513 shares of the medical technology company’s stock valued at $38,842,000 after purchasing an additional 18,509 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Medtronic by 14.8% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 149,708 shares of the medical technology company’s stock worth $12,918,000 after acquiring an additional 19,315 shares in the last quarter. Czech National Bank boosted its holdings in Medtronic by 4.7% in the second quarter. Czech National Bank now owns 365,443 shares of the medical technology company’s stock valued at $28,589,000 after purchasing an additional 16,292 shares during the last quarter. Worth Asset Management LLC purchased a new position in Medtronic in the third quarter valued at about $1,056,000. Finally, Congress Asset Management Co. acquired a new stake in Medtronic during the 3rd quarter valued at approximately $76,201,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Up 0.0%

NYSE:MDT opened at $96.55 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 2.07. The company has a market capitalization of $123.50 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 2.26 and a beta of 0.56. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The stock has a 50-day simple moving average of $91.70 and a 200 day simple moving average of $88.34.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.06. Medtronic had a return on equity of 14.78% and a net margin of 13.93%. The firm had revenue of $9.76 billion for the quarter, compared to analysts’ expectations of $9.55 billion. During the same quarter in the prior year, the firm posted $1.26 earnings per share. Medtronic’s revenue for the quarter was up 13.7% compared to the same quarter last year. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Sell-side analysts predict that Medtronic PLC will post 5.98 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, September 25th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, September 25th. Medtronic’s dividend payout ratio is currently 70.94%.

Insider Buying and Selling

In related news, EVP Harry Kiil sold 1,483 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $93.65, for a total transaction of $138,882.95. Following the transaction, the executive vice president directly owned 42,186 shares in the company, valued at $3,950,718.90. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Geoffrey Martha sold 50,000 shares of Medtronic stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $95.00, for a total transaction of $4,750,000.00. Following the completion of the transaction, the chief executive officer directly owned 277,866 shares of the company’s stock, valued at approximately $26,397,270. This represents a 15.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 61,903 shares of company stock worth $5,889,203 over the last ninety days. 0.27% of the stock is owned by insiders.

Analysts Set New Price Targets

MDT has been the topic of several analyst reports. Stifel Nicolaus lifted their price objective on Medtronic from $80.00 to $95.00 and gave the stock a “hold” rating in a report on Wednesday, September 2nd. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday. Wells Fargo & Company raised their price target on shares of Medtronic from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 2nd. Evercore set a $105.00 price target on shares of Medtronic in a research note on Monday, July 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Medtronic in a report on Thursday, September 17th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $102.88.

About Medtronic

Medtronic plc (NYSE: MDT) is a global medical technology company that develops, manufactures and distributes devices and therapies used to diagnose, treat and manage a broad range of medical conditions. Its products support healthcare providers in areas including cardiac and vascular care, diabetes, neuroscience, surgical procedures and patient monitoring.

The company’s offerings include pacemakers, implantable defibrillators, heart valves and other structural heart products; insulin pumps and continuous glucose monitoring technologies; spinal and neurosurgical systems; deep-brain and spinal cord stimulation devices; surgical instruments and robotic-assisted technologies; and respiratory and patient-monitoring equipment.