Medtronic plc (NYSE:MDT) Position Raised by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. grew its position in shares of Medtronic plc (NYSE:MDT) by 3.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 115,710 shares of the medical technology company’s stock after acquiring an additional 3,820 shares during the quarter. Medtronic comprises about 1.6% of Sompo Asset Management Co. Ltd.’s investment portfolio, making the stock its 14th largest holding. Sompo Asset Management Co. Ltd.’s holdings in Medtronic were worth $10,417,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Okabena Investment Services Inc. increased its position in Medtronic by 13.8% in the 3rd quarter. Okabena Investment Services Inc. now owns 3,696 shares of the medical technology company’s stock valued at $333,000 after acquiring an additional 448 shares during the period. Palisade Asset Management LLC grew its stake in shares of Medtronic by 1.9% in the third quarter. Palisade Asset Management LLC now owns 56,340 shares of the medical technology company’s stock worth $5,072,000 after purchasing an additional 1,076 shares in the last quarter. Kingsview Wealth Management LLC increased its holdings in shares of Medtronic by 11.7% during the third quarter. Kingsview Wealth Management LLC now owns 20,949 shares of the medical technology company’s stock valued at $1,886,000 after purchasing an additional 2,197 shares during the period. Cerity Partners LLC raised its stake in shares of Medtronic by 43.1% during the third quarter. Cerity Partners LLC now owns 243,308 shares of the medical technology company’s stock valued at $21,910,000 after purchasing an additional 73,334 shares in the last quarter. Finally, Great Valley Advisor Group Inc. lifted its holdings in Medtronic by 6.6% in the third quarter. Great Valley Advisor Group Inc. now owns 89,686 shares of the medical technology company’s stock worth $8,075,000 after purchasing an additional 5,518 shares during the period. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on MDT shares. Evercore ISI raised their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Stifel Nicolaus boosted their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Wells Fargo & Company cut their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

NYSE MDT opened at $86.21 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a market cap of $110.56 billion, a PE ratio of 26.36, a PEG ratio of 2.40 and a beta of 0.84. The stock’s 50-day moving average price is $88.99 and its two-hundred day moving average price is $84.89.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the previous year, the business earned $1.25 earnings per share. The firm’s revenue was up 5.2% compared to the same quarter last year. On average, analysts predict that Medtronic plc will post 5.46 EPS for the current year.

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.