Medtronic plc (NYSE:MDT) Position Raised by Matrix Asset Advisors Inc. NY

Matrix Asset Advisors Inc. NY raised its position in shares of Medtronic plc (NYSE:MDT) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 323,955 shares of the medical technology company’s stock after purchasing an additional 15,589 shares during the quarter. Medtronic comprises 2.8% of Matrix Asset Advisors Inc. NY’s portfolio, making the stock its 13th largest holding. Matrix Asset Advisors Inc. NY’s holdings in Medtronic were worth $25,878,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MDT. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the 3rd quarter worth approximately $27,000. J. Stern & Co. LLP bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $30,000. Finally, Kieckhefer Group LLC acquired a new stake in Medtronic during the fourth quarter valued at approximately $40,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wells Fargo & Company dropped their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, Citigroup boosted their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

Shares of NYSE:MDT opened at $92.45 on Tuesday. The firm has a market cap of $118.54 billion, a price-to-earnings ratio of 28.27, a P/E/G ratio of 2.49 and a beta of 0.83. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. 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 business has a fifty day simple moving average of $83.75 and a 200 day simple moving average of $85.62.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $1.25 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is 85.63%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by company insiders.

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.