Medtronic plc (NYSE:MDT) Shares Purchased by Boyar Asset Management Inc.

Boyar Asset Management Inc. boosted its position in shares of Medtronic plc (NYSE:MDT) by 5.6% in the second quarter, HoldingsChannel.com reports. The fund owned 4,828 shares of the medical technology company’s stock after acquiring 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 SEC.

Several other large investors have also added to or reduced their stakes in MDT. Norges Bank acquired a new stake in Medtronic during the 4th quarter valued at approximately $1,229,726,000. First Eagle Investment Management LLC lifted its holdings in Medtronic by 54.5% in the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after acquiring an additional 3,320,800 shares during the period. M&G Plc purchased a new stake in Medtronic in the 1st quarter worth approximately $259,160,000. Capital Research Global Investors grew its stake in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. Finally, Pzena Investment Management LLC lifted its stake in shares of Medtronic by 30.9% in the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after purchasing an additional 1,769,985 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.6 %

Shares of MDT opened at $89.89 on Friday. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The firm’s fifty day moving average is $82.29 and its two-hundred day moving average is $82.62. The stock has a market cap of $115.26 billion, a PE ratio of 32.69, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 EPS. Research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MDT. Truist Financial raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Oppenheimer lifted their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Citigroup cut their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $92.92.

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.