Hotchkis & Wiley Capital Management LLC Sells 1,392,226 Shares of Medtronic PLC $MDT

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Medtronic PLC by 18.3%, now holding approximately $559.68 million in shares, which constitutes about 1.9% of their total portfolio.
• Medtronic's stock received a positive outlook from analysts, with Wolfe Research elevating its rating to "peer perform" and Morgan Stanley raising its price target from $98 to $107.
• The company recently reported better-than-expected quarterly earnings with a revenue of $8.58 billion and an EPS of $1.26, while also announcing a quarterly dividend of $0.71 to be paid on October 17th.

Hotchkis & Wiley Capital Management LLC lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 18.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,228,306 shares of the medical technology company's stock after selling 1,392,226 shares during the quarter. Medtronic accounts for about 1.9% of Hotchkis & Wiley Capital Management LLC's investment portfolio, making the stock its 13th biggest holding. Hotchkis & Wiley Capital Management LLC owned about 0.49% of Medtronic worth $559,676,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Burkett Financial Services LLC boosted its holdings in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the last quarter. Columbia River Financial Group LLC acquired a new position in Medtronic during the first quarter worth $28,000. Wood Tarver Financial Group LLC acquired a new position in Medtronic during the fourth quarter worth $27,000. Hughes Financial Services LLC acquired a new position in Medtronic during the first quarter worth $32,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic in the fourth quarter valued at $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Robert W. Baird increased their price target on shares of Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Evercore ISI increased their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Leerink Partners assumed coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $101.15.

Insider Activity

In other Medtronic news, Director William R. Jellison purchased 2,500 shares of the business's stock in a transaction dated Monday, August 25th. The shares were bought at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the acquisition, the director owned 5,000 shares in the company, valued at approximately $461,850. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company's stock.

Medtronic Price Performance

Medtronic stock traded down $0.69 during trading hours on Monday, reaching $92.02. 4,763,821 shares of the stock were exchanged, compared to its average volume of 7,593,159. The company has a market cap of $117.95 billion, a P/E ratio of 25.35, a price-to-earnings-growth ratio of 2.35 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The stock has a 50 day moving average of $89.81 and a two-hundred day moving average of $88.00.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.56%. The company had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the company posted $1.23 EPS. The firm's quarterly revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.1%. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

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.