Kornitzer Capital Management Inc. KS Sells 6,124 Shares of Medtronic plc (NYSE:MDT)

Kornitzer Capital Management Inc. KS lowered its stake in Medtronic plc (NYSE:MDT) by 1.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 330,572 shares of the medical technology company’s stock after selling 6,124 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Medtronic were worth $26,019,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of MDT. International Assets Investment Management LLC lifted its holdings in Medtronic by 2.5% during the 4th quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock worth $1,039,000 after buying an additional 302 shares during the period. Sapient Capital LLC bought a new stake in Medtronic in the fourth quarter valued at approximately $213,000. Wealthcare Advisory Partners LLC increased its position in Medtronic by 6.0% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 6,902 shares of the medical technology company’s stock valued at $569,000 after purchasing an additional 393 shares during the period. Simmons Bank raised its holdings in Medtronic by 14.2% during the 4th quarter. Simmons Bank now owns 8,526 shares of the medical technology company’s stock worth $702,000 after purchasing an additional 1,059 shares during the last quarter. Finally, Gryphon Financial Partners LLC acquired a new position in shares of Medtronic in the 4th quarter worth approximately $220,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE MDT traded down $1.48 during midday trading on Thursday, reaching $89.55. The company’s stock had a trading volume of 3,200,454 shares, compared to its average volume of 6,277,199. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The stock has a market capitalization of $114.83 billion, a P/E ratio of 33.10, a PEG ratio of 2.52 and a beta of 0.82. The firm has a 50 day moving average price of $81.86 and a 200-day moving average price of $82.54. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The business’s revenue was up 3.4% on a year-over-year basis. As a group, equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Citigroup cut their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Truist Financial lifted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Piper Sandler increased their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, The Goldman Sachs Group started coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $92.92.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

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.