Mitsubishi UFJ Trust & Banking Corp Has $63.48 Million Stock Position in Medtronic plc (NYSE:MDT)

Mitsubishi UFJ Trust & Banking Corp trimmed its position in shares of Medtronic plc (NYSE:MDT) by 7.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 728,462 shares of the medical technology company’s stock after selling 54,678 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.05% of Medtronic worth $63,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC acquired a new stake in shares of Medtronic in the fourth quarter worth about $25,000. LifeSteps Financial Inc. acquired a new position in Medtronic during the first quarter valued at approximately $27,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the first quarter worth $33,000. Finally, Riverview Trust Co bought a new stake in shares of Medtronic during the 1st quarter worth $39,000. 82.06% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Price Performance

NYSE:MDT traded down $1.73 during mid-day trading on Friday, hitting $79.48. The company’s stock had a trading volume of 9,292,752 shares, compared to its average volume of 6,365,736. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The company has a market capitalization of $101.91 billion, a price-to-earnings ratio of 28.90, a P/E/G ratio of 2.32 and a beta of 0.82. The stock has a fifty day moving average of $80.93 and a 200-day moving average of $83.07. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the business posted $1.57 earnings per share. The business’s revenue was up .5% compared to the same quarter last year. As a group, equities analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were issued a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.52%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analyst Ratings Changes

MDT has been the topic of several recent analyst reports. Citigroup dropped their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. UBS Group boosted their price objective on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $90.90.

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.