Medtronic PLC (NYSE:MDT) Stake Raised by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 127,720 shares of the medical technology company's stock after acquiring an additional 2,834 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Medtronic were worth $11,477,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MDT. Brighton Jones LLC raised its position in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Medtronic by 1.7% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 190,937 shares of the medical technology company's stock worth $15,252,000 after buying an additional 3,255 shares during the period. Harbour Investments Inc. increased its position in Medtronic by 14.5% in the fourth quarter. Harbour Investments Inc. now owns 10,812 shares of the medical technology company's stock worth $864,000 after buying an additional 1,367 shares during the period. Patten & Patten Inc. TN increased its position in Medtronic by 29.1% in the fourth quarter. Patten & Patten Inc. TN now owns 11,539 shares of the medical technology company's stock worth $922,000 after buying an additional 2,600 shares during the period. Finally, Gold Investment Management Ltd. increased its position in Medtronic by 1.4% in the fourth quarter. Gold Investment Management Ltd. now owns 31,000 shares of the medical technology company's stock worth $2,476,000 after buying an additional 441 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

MDT stock traded up $0.10 during trading hours on Friday, hitting $89.63. 6,410,712 shares of the stock traded hands, compared to its average volume of 7,030,770. The stock has a 50-day simple moving average of $86.29 and a 200 day simple moving average of $87.06. Medtronic PLC has a one year low of $78.32 and a one year high of $96.25. The company has a market cap of $114.95 billion, a P/E ratio of 24.76, a P/E/G ratio of 2.33 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 (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same quarter last year, the business posted $1.46 earnings per share. The company's quarterly revenue was up 3.9% on a year-over-year basis. Equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were given a $0.71 dividend. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.17%. Medtronic's dividend payout ratio (DPR) is 78.45%.

Analysts Set New Price Targets

MDT has been the topic of several analyst reports. Royal Bank Of Canada dropped their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Morgan Stanley reaffirmed an "overweight" rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a research report on Tuesday. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Finally, William Blair raised Medtronic to a "hold" rating in a research note on Friday, July 11th. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

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.