Matrix Asset Advisors Inc. NY raised its position in Medtronic PLC (NYSE:MDT - Free Report) by 11.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 362,252 shares of the medical technology company's stock after buying an additional 38,297 shares during the period. Medtronic makes up about 3.6% of Matrix Asset Advisors Inc. NY's holdings, making the stock its 5th biggest holding. Matrix Asset Advisors Inc. NY's holdings in Medtronic were worth $32,552,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of MDT. Norges Bank acquired a new position in shares of Medtronic in the 4th quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. bought a new stake in shares of Medtronic in the fourth quarter worth $852,732,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic in the fourth quarter valued at $377,169,000. Invesco Ltd. boosted its stake in Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. Finally, Burgundy Asset Management Ltd. bought a new position in Medtronic during the 4th quarter valued at $174,329,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.
Medtronic Price Performance
Shares of MDT stock traded down $1.45 during midday trading on Monday, reaching $84.89. 2,838,614 shares of the company were exchanged, compared to its average volume of 7,731,737. The company's 50 day moving average price is $84.49 and its two-hundred day moving average price is $86.28. The company has a market cap of $108.88 billion, a P/E ratio of 23.45, a PEG ratio of 2.33 and a beta of 0.79. Medtronic PLC has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.
Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.46 earnings per share. On average, sell-side analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.
Medtronic Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.71 per share. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Friday, June 27th. Medtronic's payout ratio is presently 77.35%.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on MDT shares. Mizuho dropped their target price on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Robert W. Baird lowered their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and upped their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $97.87.
Read Our Latest Research Report on MDT
About Medtronic
(
Free Report)
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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