Medtronic PLC $MDT is Matrix Asset Advisors Inc. NY's 8th Largest Position

Key Points

• Matrix Asset Advisors Inc. NY has increased its holdings in Medtronic PLC by 1.9% in the 2nd quarter, making Medtronic its 8th largest position with a value of $32.2 million.
• Several hedge funds have raised their stakes in Medtronic, with notable increases from GC Wealth Management RIA LLC (20.6%) and RNC Capital Management LLC (8.8%) during the 2nd quarter.
• Analysts have set new price targets for Medtronic, with the consensus rating being a "Moderate Buy" and an average target price of $102.41, reflecting positive sentiment in the market.

Matrix Asset Advisors Inc. NY grew its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 369,181 shares of the medical technology company's stock after purchasing an additional 6,929 shares during the period. Medtronic makes up about 3.3% of Matrix Asset Advisors Inc. NY's portfolio, making the stock its 8th biggest holding. Matrix Asset Advisors Inc. NY's holdings in Medtronic were worth $32,181,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Legacy Advisory Services LLC acquired a new position in shares of Medtronic in the 1st quarter valued at $541,000. GC Wealth Management RIA LLC increased its position in shares of Medtronic by 20.6% in the 2nd quarter. GC Wealth Management RIA LLC now owns 33,569 shares of the medical technology company's stock valued at $2,926,000 after acquiring an additional 5,734 shares during the period. RNC Capital Management LLC increased its position in shares of Medtronic by 8.8% in the 1st quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock valued at $37,474,000 after acquiring an additional 33,729 shares during the period. Commerce Bank increased its position in shares of Medtronic by 1.7% in the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after acquiring an additional 2,429 shares during the period. Finally, Brighton Jones LLC increased its position in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the topic of several research reports. Evercore ISI upped their target price on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Truist Financial increased their price target on Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Argus increased their price target on Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Finally, Daiwa Capital Markets increased their price target on Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $102.41.

Insider Activity

In other news, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction of $788,045.90. Following the sale, the executive vice president directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William R. Jellison purchased 2,500 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was bought at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at $461,850. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.26% of the company's stock.

Medtronic Trading Down 1.0%

MDT stock opened at $95.52 on Friday. The company's 50-day simple moving average is $93.56 and its 200-day simple moving average is $88.74. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $99.37. The firm has a market cap of $122.52 billion, a P/E ratio of 26.31, a PEG ratio of 2.51 and a beta of 0.78.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company posted $1.23 EPS. The company's revenue for the quarter was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is presently 78.24%.

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.

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