Matrix Asset Advisors Inc. NY Has $25.88 Million Holdings in Medtronic plc (NYSE:MDT)

Matrix Asset Advisors Inc. NY raised its position in shares of Medtronic plc (NYSE:MDT) by 5.1% in the fourth quarter, Holdings Channel reports. The fund owned 323,955 shares of the medical technology company’s stock after buying an additional 15,589 shares during the quarter. Medtronic comprises approximately 2.8% of Matrix Asset Advisors Inc. NY’s investment portfolio, making the stock its 13th biggest holding. Matrix Asset Advisors Inc. NY’s holdings in Medtronic were worth $25,878,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Fortitude Family Office LLC bought a new stake in Medtronic during the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the third quarter worth $27,000. J. Stern & Co. LLP bought a new position in Medtronic during the third quarter worth $30,000. Finally, Kieckhefer Group LLC acquired a new position in Medtronic during the 4th quarter valued at $40,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

NYSE:MDT opened at $92.45 on Tuesday. The stock has a market capitalization of $118.54 billion, a P/E ratio of 28.27, a price-to-earnings-growth 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 firm has a 50 day moving average of $83.75 and a 200-day moving average of $85.62. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is presently 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 on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on MDT shares. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic 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.