Kornitzer Capital Management Inc. KS reduced its holdings in Medtronic plc (NYSE:MDT - Free Report) by 62.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 124,886 shares of the medical technology company's stock after selling 204,907 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Medtronic were worth $9,976,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clear Harbor Asset Management LLC lifted its position in Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company's stock valued at $861,000 after purchasing an additional 111 shares during the last quarter. Guardian Wealth Management Inc. increased its position in Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company's stock valued at $1,182,000 after purchasing an additional 115 shares during the period. First City Capital Management Inc. boosted its holdings in shares of Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company's stock valued at $371,000 after buying an additional 116 shares in the last quarter. Hardy Reed LLC boosted its holdings in shares of Medtronic by 4.4% in the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock valued at $247,000 after buying an additional 116 shares in the last quarter. Finally, Precision Wealth Strategies LLC boosted its stake in Medtronic by 3.3% in the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company's stock worth $337,000 after purchasing an additional 118 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares of the company's stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. Robert W. Baird lifted their price objective on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday. Sanford C. Bernstein lifted their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a report on Wednesday, November 20th. Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a report on Wednesday, November 20th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, December 18th. Finally, UBS Group upped their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of "Hold" and a consensus price target of $95.20.
Get Our Latest Stock Report on Medtronic
Medtronic Price Performance
MDT stock traded up $2.01 during trading on Friday, hitting $89.95. The stock had a trading volume of 11,762,886 shares, compared to its average volume of 7,605,718. The company's 50 day moving average price is $85.93 and its two-hundred day moving average price is $87.03. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $93.08. The stock has a market cap of $115.34 billion, a price-to-earnings ratio of 27.34, a price-to-earnings-growth ratio of 2.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.
Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.
Medtronic Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic's dividend payout ratio (DPR) is currently 85.11%.
About Medtronic
(
Free Report)
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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