Sompo Asset Management Co. Ltd. Boosts Stake in Medtronic plc (NYSE:MDT)

Sompo Asset Management Co. Ltd. grew its position in shares of Medtronic plc (NYSE:MDT) by 3.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 115,710 shares of the medical technology company’s stock after acquiring an additional 3,820 shares during the quarter. Medtronic comprises 1.6% of Sompo Asset Management Co. Ltd.’s portfolio, making the stock its 14th biggest position. Sompo Asset Management Co. Ltd.’s holdings in Medtronic were worth $10,417,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MDT. Kestra Advisory Services LLC increased its position in shares of Medtronic by 17.1% in the first quarter. Kestra Advisory Services LLC now owns 148,211 shares of the medical technology company’s stock worth $12,917,000 after acquiring an additional 21,594 shares in the last quarter. Mount Yale Investment Advisors LLC increased its holdings in Medtronic by 2.6% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 7,227 shares of the medical technology company’s stock valued at $630,000 after purchasing an additional 180 shares in the last quarter. Ascent Group LLC raised its position in Medtronic by 17.4% in the first quarter. Ascent Group LLC now owns 3,349 shares of the medical technology company’s stock valued at $292,000 after purchasing an additional 497 shares during the period. Kinloch Capital LLC lifted its stake in shares of Medtronic by 4.8% during the first quarter. Kinloch Capital LLC now owns 41,080 shares of the medical technology company’s stock worth $3,580,000 after purchasing an additional 1,878 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. boosted its position in shares of Medtronic by 4.4% in the first quarter. Industrial Alliance Investment Management Inc. now owns 6,315 shares of the medical technology company’s stock worth $550,000 after buying an additional 266 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Up 1.7 %

NYSE:MDT opened at $86.21 on Friday. The company has a market cap of $110.56 billion, a PE ratio of 26.36, a P/E/G ratio of 2.40 and a beta of 0.84. The business’s 50 day moving average is $88.99 and its two-hundred day moving average is $84.89. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the business posted $1.25 earnings per share. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MDT. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI lifted their price objective 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. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Citigroup upped their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.00.

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.