Tokio Marine Asset Management Co. Ltd. Cuts Position in Medtronic plc (NYSE:MDT)

Tokio Marine Asset Management Co. Ltd. lessened its stake in Medtronic plc (NYSE:MDT) by 1.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 90,400 shares of the medical technology company’s stock after selling 1,274 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Medtronic were worth $8,139,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Fortitude Family Office LLC acquired a new stake in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the second quarter worth about $28,000. Gleason Group Inc. purchased a new position in Medtronic during the second quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Medtronic in the 2nd quarter valued at about $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Evercore ISI raised their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, Wells Fargo & Company raised their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Performance

Shares of Medtronic stock traded down $0.05 during mid-day trading on Thursday, hitting $87.92. 375,519 shares of the stock were exchanged, compared to its average volume of 6,183,291. The company has a market capitalization of $112.75 billion, a P/E ratio of 29.72, a P/E/G ratio of 2.52 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company has a 50-day simple moving average of $89.59 and a 200 day simple moving average of $84.66. Medtronic plc has a 12 month low of $72.79 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal 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.