Kornitzer Capital Management Inc. KS Reduces Position in Medtronic PLC $MDT

Kornitzer Capital Management Inc. KS reduced its stake in Medtronic PLC (NYSE:MDT - Free Report) by 15.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,155 shares of the medical technology company's stock after selling 19,004 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Medtronic were worth $8,070,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Monetary Solutions Ltd purchased a new position in Medtronic in the 4th quarter valued at about $27,000. Anfield Capital Management LLC grew its holdings in shares of Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after buying an additional 230 shares in the last quarter. Acumen Wealth Advisors LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $29,000. Imprint Wealth LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $31,000. Finally, Basepoint Wealth LLC acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on MDT. JPMorgan Chase & Co. reduced their price objective on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. BTIG Research reiterated a "buy" rating and issued a $91.00 price target on shares of Medtronic in a report on Monday, July 13th. UBS Group raised Medtronic from a "neutral" rating to a "buy" rating and increased their price target for the stock from $85.00 to $100.00 in a research note on Tuesday, July 28th. The Goldman Sachs Group lowered their price objective on Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Finally, Leerink Partners dropped their target price on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $98.83.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.26% of the company's stock.

Medtronic Price Performance

Medtronic stock opened at $91.10 on Friday. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The firm has a 50 day moving average price of $83.20 and a 200 day moving average price of $86.36. The company has a market cap of $116.62 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 2.45 and a beta of 0.55.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. The company had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. Medtronic's revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a $0.72 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. Medtronic's dividend payout ratio is 77.21%.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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