Medtronic plc (NYSE:MDT) Stake Lessened by King Luther Capital Management Corp

King Luther Capital Management Corp lessened its stake in Medtronic plc (NYSE:MDT) by 42.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,744 shares of the medical technology company’s stock after selling 40,556 shares during the period. King Luther Capital Management Corp’s holdings in Medtronic were worth $4,388,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. M&G Plc acquired a new position in Medtronic in the first quarter worth $259,160,000. Capital Research Global Investors lifted its holdings in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Medtronic by 145.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock worth $195,431,000 after purchasing an additional 1,405,978 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in Medtronic by 26.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock worth $513,807,000 after purchasing an additional 1,318,590 shares during the period. Finally, Morningstar Investment Services LLC lifted its holdings in Medtronic by 207.7% in the fourth quarter. Morningstar Investment Services LLC now owns 1,551,322 shares of the medical technology company’s stock worth $128,341,000 after purchasing an additional 1,047,210 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE MDT opened at $89.34 on Friday. The stock’s 50-day moving average price is $84.77 and its two-hundred day moving average price is $82.97. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company has a market cap of $114.56 billion, a PE ratio of 32.49, a PEG ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating 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 company 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 business posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

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

Analyst Ratings Changes

Several research firms recently weighed in on MDT. Truist Financial upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Robert W. Baird upped their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Wells Fargo & Company boosted their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average price target of $92.92.

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.