Dark Forest Capital Management LP Boosts Stock Position in Medtronic plc (NYSE:MDT)

Dark Forest Capital Management LP grew its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 183.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 16,644 shares of the medical technology company's stock after acquiring an additional 10,779 shares during the period. Dark Forest Capital Management LP's holdings in Medtronic were worth $1,330,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Medtronic during the 4th quarter valued at $1,163,580,000. Raymond James Financial Inc. bought a new stake in shares of Medtronic in the fourth quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic in the fourth quarter valued at approximately $377,169,000. Van ECK Associates Corp lifted its stake in shares of Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock valued at $207,540,000 after buying an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

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

Medtronic Trading Down 0.1 %

Shares of Medtronic stock traded down $0.11 during trading on Friday, reaching $84.19. The company's stock had a trading volume of 5,879,425 shares, compared to its average volume of 6,678,713. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25. The firm's 50-day moving average is $88.14 and its two-hundred day moving average is $87.27. The company has a market cap of $107.98 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.33%. Medtronic's dividend payout ratio (DPR) is currently 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.