Medtronic plc (NYSE:MDT) Shares Bought by Matrix Asset Advisors Inc. NY

Matrix Asset Advisors Inc. NY lifted its holdings in shares of Medtronic plc (NYSE:MDTGet Rating) by 47.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 176,215 shares of the medical technology company’s stock after buying an additional 56,838 shares during the period. Medtronic makes up approximately 2.4% of Matrix Asset Advisors Inc. NY’s holdings, making the stock its 14th largest position. Matrix Asset Advisors Inc. NY’s holdings in Medtronic were worth $15,815,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Mutual Advisors LLC boosted its stake in Medtronic by 4.0% during the 4th quarter. Mutual Advisors LLC now owns 11,248 shares of the medical technology company’s stock valued at $1,164,000 after purchasing an additional 436 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Medtronic during the fourth quarter valued at approximately $578,000. Clearstead Advisors LLC increased its stake in Medtronic by 4.7% in the 4th quarter. Clearstead Advisors LLC now owns 14,743 shares of the medical technology company’s stock valued at $1,525,000 after buying an additional 668 shares during the period. Rowland & Co. Investment Counsel ADV acquired a new position in Medtronic in the 4th quarter valued at approximately $356,000. Finally, Summit Global Investments increased its stake in shares of Medtronic by 9.6% during the 4th quarter. Summit Global Investments now owns 16,567 shares of the medical technology company’s stock worth $1,714,000 after purchasing an additional 1,446 shares during the last quarter. Institutional investors and hedge funds own 79.81% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of a number of research reports. Needham & Company LLC downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Truist Financial reduced their target price on shares of Medtronic from $111.00 to $97.00 and set a “hold” rating on the stock in a research note on Wednesday, July 20th. StockNews.com lowered shares of Medtronic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 24th. Atlantic Securities downgraded shares of Medtronic from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $125.00 to $105.00 in a report on Wednesday, June 1st. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Medtronic from $149.00 to $121.00 in a research report on Friday, May 27th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $111.52.

Medtronic Price Performance

Medtronic stock traded down $1.00 during midday trading on Friday, reaching $82.56. 53,093 shares of the stock traded hands, compared to its average volume of 6,340,817. The stock’s fifty day moving average is $90.89 and its 200-day moving average is $97.66. Medtronic plc has a 12 month low of $83.21 and a 12 month high of $131.31. The stock has a market cap of $109.73 billion, a P/E ratio of 21.59, a PEG ratio of 2.26 and a beta of 0.75. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33.

Medtronic (NYSE:MDTGet Rating) last issued its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same period in the prior year, the business earned $1.41 EPS. As a group, equities research analysts anticipate that Medtronic plc will post 5.53 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 23rd will be issued a dividend of $0.68 per share. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $2.72 annualized dividend and a yield of 3.29%. Medtronic’s payout ratio is currently 70.28%.

About Medtronic

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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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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