Mitsubishi UFJ Trust & Banking Corp Has $114.28 Million Stake in Medtronic plc (NYSE:MDT)

Mitsubishi UFJ Trust & Banking Corp reduced its position in Medtronic plc (NYSE:MDT) by 10.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 920,875 shares of the medical technology company’s stock after selling 102,163 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Medtronic were worth $114,275,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Lazard Asset Management LLC increased its holdings in Medtronic by 0.6% in the 1st quarter. Lazard Asset Management LLC now owns 24,188,177 shares of the medical technology company’s stock valued at $2,857,346,000 after buying an additional 151,977 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Medtronic by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,957,284 shares of the medical technology company’s stock valued at $2,593,814,000 after purchasing an additional 1,417,008 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Medtronic by 1.9% during the 1st quarter. Geode Capital Management LLC now owns 21,431,672 shares of the medical technology company’s stock valued at $2,524,680,000 after purchasing an additional 401,564 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Medtronic by 26.5% during the 1st quarter. Nuveen Asset Management LLC now owns 13,070,609 shares of the medical technology company’s stock valued at $1,544,031,000 after purchasing an additional 2,735,614 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of Medtronic by 4.0% during the 1st quarter. Morgan Stanley now owns 12,019,251 shares of the medical technology company’s stock valued at $1,419,834,000 after purchasing an additional 458,766 shares during the last quarter. 79.59% of the stock is currently owned by hedge funds and other institutional investors.

In other Medtronic news, EVP Sean Salmon sold 28,419 shares of the company’s stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $134.08, for a total transaction of $3,810,419.52. Following the transaction, the executive vice president now owns 54,458 shares in the company, valued at $7,301,728.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Bradley E. Lerman sold 50,775 shares of the company’s stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $134.17, for a total transaction of $6,812,481.75. The disclosure for this sale can be found here. Insiders have sold a total of 106,275 shares of company stock worth $14,126,268 in the last quarter. 0.47% of the stock is owned by corporate insiders.

Shares of NYSE MDT traded down $0.32 during midday trading on Tuesday, reaching $128.41. The stock had a trading volume of 52,227 shares, compared to its average volume of 4,372,741. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.34 and a current ratio of 2.89. Medtronic plc has a twelve month low of $98.94 and a twelve month high of $135.89. The company’s 50 day moving average price is $130.05 and its 200 day moving average price is $126.16. The firm has a market cap of $172.57 billion, a price-to-earnings ratio of 45.28, a price-to-earnings-growth ratio of 2.62 and a beta of 0.80.

Medtronic (NYSE:MDT) last released its earnings results on Monday, August 23rd. The medical technology company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.09. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. The company had revenue of $7.99 billion for the quarter, compared to the consensus estimate of $7.88 billion. During the same quarter in the previous year, the company earned $0.62 EPS. Medtronic’s quarterly revenue was up 22.7% compared to the same quarter last year. Equities analysts forecast that Medtronic plc will post 5.7 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Friday, September 24th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, September 23rd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.96%.

MDT has been the topic of several research reports. Raymond James lifted their price target on shares of Medtronic from $135.00 to $142.00 and gave the company an “outperform” rating in a report on Wednesday, August 25th. Truist Securities lifted their price target on shares of Medtronic from $138.00 to $148.00 and gave the company a “buy” rating in a report on Wednesday, August 25th. UBS Group lifted their price target on shares of Medtronic from $145.00 to $149.00 and gave the company a “buy” rating in a report on Wednesday, August 25th. Argus boosted their target price on shares of Medtronic from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, August 27th. Finally, Oppenheimer boosted their target price on shares of Medtronic from $134.00 to $147.00 and gave the stock an “outperform” rating in a report on Friday, May 28th. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $144.18.

About Medtronic

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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