Kayne Anderson Rudnick Investment Management LLC Reduces Position in Medtronic PLC $MDT

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in Medtronic PLC by 14.7%, selling 3,419 shares and ending the quarter with 19,872 shares valued at approximately $1.79 million.
• Analysts have mixed ratings on Medtronic, with Morgan Stanley upgrading its price target to $107.00, while Wall Street Zen downgraded it to a "hold" rating.
• Medtronic announced a quarterly dividend of $0.71 per share, set to be paid on October 17th, representing an annualized dividend yield of 3.1%.

Kayne Anderson Rudnick Investment Management LLC lessened its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 14.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,872 shares of the medical technology company's stock after selling 3,419 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Medtronic were worth $1,786,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Burkett Financial Services LLC boosted its holdings in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic in the fourth quarter valued at $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic in the first quarter valued at $28,000. Optiver Holding B.V. bought a new stake in Medtronic in the fourth quarter valued at $31,000. Finally, Hughes Financial Services LLC bought a new stake in Medtronic in the first quarter valued at $32,000. Institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Morgan Stanley reissued an "overweight" rating and set a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. Finally, Robert W. Baird raised their price objective on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Medtronic has an average rating of "Moderate Buy" and a consensus target price of $102.14.

Insider Activity

In other news, Director William R. Jellison purchased 2,500 shares of the business's stock in a transaction on Monday, August 25th. The stock was acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Price Performance

MDT opened at $92.18 on Wednesday. The stock has a 50-day moving average price of $89.93 and a 200-day moving average price of $88.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market cap of $118.15 billion, a PE ratio of 25.39, a P/E/G ratio of 2.34 and a beta of 0.80. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25.

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, September 26th. Medtronic's payout ratio 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.

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