Matrix Asset Advisors Inc. NY Grows Stake in Medtronic plc (NYSE:MDT)

Matrix Asset Advisors Inc. NY grew its position in Medtronic plc (NYSE:MDT) by 11.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 308,366 shares of the medical technology company’s stock after purchasing an additional 30,769 shares during the quarter. Medtronic comprises approximately 3.1% of Matrix Asset Advisors Inc. NY’s investment portfolio, making the stock its 11th biggest holding. Matrix Asset Advisors Inc. NY’s holdings in Medtronic were worth $27,762,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Capital Research Global Investors grew its holdings in shares of Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after buying an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD grew its holdings in shares of Medtronic by 2.3% during the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after buying an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates grew its holdings in shares of Medtronic by 5.7% during the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after buying an additional 336,618 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MDT shares. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $98.00 to $105.00 in a research report on Thursday. Barclays boosted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Piper Sandler boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.14.

Medtronic Trading Up 0.6 %

Shares of Medtronic stock opened at $89.36 on Friday. The firm has a 50-day simple moving average of $87.54 and a two-hundred day simple moving average of $83.46. The company has a market cap of $114.58 billion, a P/E ratio of 32.49, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 earnings per share. As a group, equities analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. Medtronic’s dividend payout ratio is currently 101.82%.

About Medtronic

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.