Kovitz Investment Group Partners LLC Grows Position in Medtronic PLC $MDT

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Medtronic PLC by 43.8%, owning 108,030 shares valued at approximately $9.7 million as of the latest filing.
• Medtronic reported earnings per share of $1.62 for the last quarter, exceeding analysts' expectations, with a revenue of $8.93 billion, reflecting a 3.9% year-over-year growth.
• The company recently announced a quarterly dividend of $0.71 per share, with a dividend yield of 3.1% and a payout ratio of 78.45%.

Kovitz Investment Group Partners LLC grew its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 43.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,030 shares of the medical technology company's stock after buying an additional 32,907 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Medtronic were worth $9,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. Burkett Financial Services LLC lifted 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 during the period. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC purchased a new stake in Medtronic during the first quarter valued at approximately $28,000. Optiver Holding B.V. bought a new position in Medtronic in the fourth quarter worth approximately $31,000. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic during the 1st quarter worth $32,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MDT shares. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. Citigroup raised their price objective on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Robert W. Baird boosted their price objective on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Sanford C. Bernstein boosted their price objective on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.63.

Medtronic Price Performance

MDT stock traded up $3.4250 during trading on Wednesday, hitting $93.3250. 8,494,074 shares of the company's stock traded hands, compared to its average volume of 7,728,284. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The stock has a market capitalization of $119.62 billion, a price-to-earnings ratio of 25.77, a P/E/G ratio of 2.41 and a beta of 0.80. The business has a fifty day simple moving average of $89.47 and a 200 day simple moving average of $87.98. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.03. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same period in the prior year, the company earned $1.23 EPS. The business's 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. As a group, research analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. Medtronic's payout ratio is 78.45%.

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.