Kornitzer Capital Management Inc. KS Sells 779 Shares of Medtronic plc (NYSE:MDT)

Kornitzer Capital Management Inc. KS decreased its stake in shares of Medtronic plc (NYSE:MDT) by 0.2% during the third quarter, HoldingsChannel reports. The firm owned 329,793 shares of the medical technology company’s stock after selling 779 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Medtronic were worth $29,691,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $25,643,000. SageView Advisory Group LLC grew its stake in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares during the period. Empowered Funds LLC raised its holdings in Medtronic by 174.9% in the first quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock worth $6,528,000 after purchasing an additional 47,657 shares in the last quarter. National Bank of Canada FI lifted its position in Medtronic by 13.6% during the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock valued at $21,642,000 after buying an additional 31,195 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after buying an additional 21,995 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Robert W. Baird boosted their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Stifel Nicolaus boosted their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

Shares of NYSE:MDT traded down $1.77 during midday trading on Thursday, reaching $88.34. 521,734 shares of the company were exchanged, compared to its average volume of 6,163,667. The stock has a market cap of $113.29 billion, a PE ratio of 30.44, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. The business’s fifty day moving average is $89.69 and its two-hundred day moving average is $84.38. Medtronic plc has a one year low of $69.32 and a one year high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) 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 firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

Medtronic 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.