Kayne Anderson Rudnick Investment Management LLC Decreases Position in Medtronic plc (NYSE:MDT)

Kayne Anderson Rudnick Investment Management LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 48.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,473 shares of the medical technology company’s stock after selling 29,179 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Medtronic were worth $2,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in MDT. M&G Plc acquired a new position in shares of Medtronic during the first quarter valued at about $259,160,000. Capital Research Global Investors raised its holdings in shares of 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 buying an additional 2,044,109 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Medtronic by 145.4% during 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 buying an additional 1,405,978 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Medtronic by 26.8% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock valued at $513,807,000 after buying an additional 1,318,590 shares during the last quarter. Finally, Morningstar Investment Services LLC increased its position in shares of Medtronic by 207.7% in the 4th quarter. Morningstar Investment Services LLC now owns 1,551,322 shares of the medical technology company’s stock valued at $128,341,000 after acquiring an additional 1,047,210 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

NYSE:MDT opened at $89.86 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The stock’s 50-day moving average price is $85.03 and its 200-day moving average price is $82.99. The stock has a market capitalization of $115.22 billion, a PE ratio of 32.68, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. As a group, equities analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MDT. Robert W. Baird boosted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Barclays upped their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Finally, Truist Financial increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.