Dai ichi Life Insurance Company Ltd Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Dai ichi Life Insurance Company Ltd boosted its holdings in Medtronic plc (NYSE:MDT) by 21.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,096 shares of the medical technology company’s stock after buying an additional 8,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Medtronic were worth $4,060,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of MDT. Fortitude Family Office LLC bought a new position in Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the 3rd quarter valued at $27,000. Lynx Investment Advisory bought a new position in Medtronic in the 2nd quarter valued at $28,000. Finally, Gleason Group Inc. bought a new position in Medtronic in the 2nd quarter valued at $42,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Robert W. Baird cut their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus price target of $95.27.

Medtronic Price Performance

MDT stock opened at $85.67 on Wednesday. The firm’s 50-day moving average price is $88.85 and its two-hundred day moving average price is $84.95. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The stock has a market capitalization of $109.87 billion, a price-to-earnings ratio of 26.20, a PEG ratio of 2.43 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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 firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the company earned $1.25 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic 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.