Adage Capital Partners GP L.L.C. Increases Position in Medtronic plc (NYSE:MDT)

Adage Capital Partners GP L.L.C. lifted its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 7.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,655,787 shares of the medical technology company's stock after buying an additional 111,910 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.13% of Medtronic worth $132,264,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. acquired a new position in Medtronic in the 4th quarter valued at $852,732,000. Beutel Goodman & Co Ltd. purchased a new position in Medtronic during the 4th quarter worth $377,169,000. Van ECK Associates Corp lifted its stake in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after acquiring an additional 2,476,935 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Medtronic by 17.8% in the fourth 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 in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MDT shares. Truist Financial cut their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Finally, Robert W. Baird upped their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $96.14.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company's stock, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.20% of the stock is owned by company insiders.

Medtronic Price Performance

Shares of NYSE:MDT opened at $83.39 on Wednesday. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The stock has a market cap of $106.95 billion, a PE ratio of 25.35, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The business's fifty day moving average price is $88.54 and its two-hundred day moving average price is $87.34. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. On average, analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's payout ratio is 85.11%.

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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