Kornitzer Capital Management Inc. KS Trims Stock Holdings in Medtronic plc (NYSE:MDT)

Kornitzer Capital Management Inc. KS cut its holdings in shares of Medtronic plc (NYSE:MDT) by 62.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 124,886 shares of the medical technology company’s stock after selling 204,907 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Medtronic were worth $9,976,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Venturi Wealth Management LLC lifted its stake in Medtronic by 183.2% in the 4th quarter. Venturi Wealth Management LLC now owns 6,374 shares of the medical technology company’s stock worth $509,000 after purchasing an additional 4,123 shares in the last quarter. Empower Advisory Group LLC raised its position in shares of Medtronic by 5.5% during the 4th quarter. Empower Advisory Group LLC now owns 4,447 shares of the medical technology company’s stock valued at $355,000 after buying an additional 231 shares during the period. Truist Financial Corp raised its position in shares of Medtronic by 37.1% during the 4th quarter. Truist Financial Corp now owns 1,156,370 shares of the medical technology company’s stock valued at $92,371,000 after buying an additional 312,873 shares during the period. CIBC Asset Management Inc raised its position in shares of Medtronic by 1.6% during the 4th quarter. CIBC Asset Management Inc now owns 927,239 shares of the medical technology company’s stock valued at $74,068,000 after buying an additional 14,502 shares during the period. Finally, Evergreen Wealth Management LLC raised its position in shares of Medtronic by 2.5% during the 4th quarter. Evergreen Wealth Management LLC now owns 26,865 shares of the medical technology company’s stock valued at $2,146,000 after buying an additional 663 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT stock opened at $86.05 on Wednesday. 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 company has a market cap of $110.34 billion, a PE ratio of 26.32, a P/E/G ratio of 2.57 and a beta of 0.84. The company’s fifty day simple moving average is $85.74 and its 200-day simple moving average is $87.02. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $93.08.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. As a group, equities research analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Analyst Upgrades and Downgrades

MDT has been the subject of several research reports. Barclays lifted their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 12th. Robert W. Baird cut their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $95.00.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

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.