Boyar Asset Management Inc. Raises Stock Holdings in Medtronic plc (NYSE:MDT)

Boyar Asset Management Inc. grew its holdings in shares of Medtronic plc (NYSE:MDT) by 5.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,828 shares of the medical technology company’s stock after purchasing an additional 255 shares during the quarter. Boyar Asset Management Inc.’s holdings in Medtronic were worth $380,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in MDT. International Assets Investment Management LLC grew its holdings in Medtronic by 2.5% during the 4th quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after buying an additional 302 shares in the last quarter. Gryphon Financial Partners LLC purchased a new position in Medtronic in the fourth quarter worth about $220,000. Wealthspire Advisors LLC increased its stake in Medtronic by 15.6% during the fourth quarter. Wealthspire Advisors LLC now owns 11,050 shares of the medical technology company’s stock worth $910,000 after acquiring an additional 1,492 shares during the last quarter. Teacher Retirement System of Texas raised its position in Medtronic by 0.5% during the fourth quarter. Teacher Retirement System of Texas now owns 296,845 shares of the medical technology company’s stock valued at $24,454,000 after purchasing an additional 1,364 shares during the period. Finally, Buckingham Capital Management Inc. lifted its stake in shares of Medtronic by 9.0% in the 4th quarter. Buckingham Capital Management Inc. now owns 15,881 shares of the medical technology company’s stock valued at $1,308,000 after purchasing an additional 1,315 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MDT. Truist Financial raised their price target on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. The Goldman Sachs Group assumed coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Finally, Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $92.92.

Medtronic Trading Up 0.6 %

NYSE:MDT opened at $89.89 on Friday. The firm has a 50-day simple moving average of $82.29 and a 200-day simple moving average of $82.62. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The firm has a market cap of $115.26 billion, a P/E ratio of 32.69, a P/E/G ratio of 2.52 and a beta of 0.82. 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 announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. Equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. Medtronic’s dividend payout ratio is presently 101.82%.

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.