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

Kornitzer Capital Management Inc. KS trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 15.6% during the second quarter, according to the company in 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 period. Kornitzer Capital Management Inc. KS’s holdings in Medtronic were worth $8,070,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in MDT. Norges Bank purchased a new position in shares of Medtronic in the 4th quarter valued at $1,653,485,000. WCM Investment Management LLC purchased a new stake in Medtronic during the 1st quarter worth $965,922,000. Capital Research Global Investors increased its holdings in Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Wellington Management Group LLP increased its holdings in Medtronic by 35.3% in the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock valued at $970,456,000 after purchasing an additional 2,658,981 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Medtronic by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after purchasing an additional 1,888,381 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the transaction, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.26% of the company’s stock.

Medtronic Stock Up 0.6%

Shares of 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 market capitalization of $116.62 billion, a PE ratio of 24.42, a P/E/G ratio of 2.45 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The business has a 50-day moving average of $83.20 and a 200-day moving average of $86.36.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities analysts forecast that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have commented on the company. UBS Group upgraded Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $100.00 in a research note on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft dropped their target price on Medtronic from $100.00 to $78.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. Piper Sandler reissued a “neutral” rating on shares of Medtronic in a research report on Monday, August 10th. Jefferies Financial Group restated a “hold” rating and issued a $88.00 price target on shares of Medtronic in a report on Thursday, June 4th. Finally, Robert W. Baird lowered their price objective on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Eighteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $98.83.

Medtronic Company 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).