Kovitz Investment Group Partners LLC Boosts Stake in Medtronic plc (NYSE:MDT)

Kovitz Investment Group Partners LLC grew its position in Medtronic plc (NYSE:MDT - Free Report) by 27.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 106,289 shares of the medical technology company's stock after acquiring an additional 22,621 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Medtronic were worth $8,750,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in shares of Medtronic during the 2nd quarter worth approximately $43,000. Austin Private Wealth LLC grew its holdings in shares of Medtronic by 11.3% in the second quarter. Austin Private Wealth LLC now owns 3,103 shares of the medical technology company's stock worth $244,000 after purchasing an additional 315 shares during the last quarter. RFG Advisory LLC grew its holdings in shares of Medtronic by 8.1% in the second quarter. RFG Advisory LLC now owns 24,950 shares of the medical technology company's stock worth $1,964,000 after purchasing an additional 1,874 shares during the last quarter. Granite Bay Wealth Management LLC bought a new position in Medtronic in the 2nd quarter worth about $516,000. Finally, Aspire Private Capital LLC increased its position in shares of Medtronic by 11.6% during the second quarter. Aspire Private Capital LLC now owns 1,973 shares of the medical technology company's stock worth $155,000 after acquiring an additional 205 shares during the period. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $0.13 on Friday, hitting $84.01. 4,310,061 shares of the company were exchanged, compared to its average volume of 6,777,642. The firm has a market capitalization of $107.73 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock's 50 day moving average price is $88.25 and its 200 day moving average price is $84.99. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the prior year, the firm earned $1.25 earnings per share. Medtronic's revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.33%. Medtronic's payout ratio is currently 85.63%.

Analyst Ratings Changes

MDT has been the topic of several research reports. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a report on Wednesday, August 21st. Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the company an "outperform" rating in a research note on Tuesday, October 1st. Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 21st. Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. Finally, Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic presently has a consensus rating of "Hold" and an average target price of $95.27.

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.