E Fund Management Co. Ltd. Raises Holdings in Medtronic plc (NYSE:MDT)

E Fund Management Co. Ltd. increased its stake in Medtronic plc (NYSE:MDT - Free Report) by 81.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,132 shares of the medical technology company's stock after buying an additional 3,202 shares during the period. E Fund Management Co. Ltd.'s holdings in Medtronic were worth $570,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. Western Pacific Wealth Management LP purchased a new stake in shares of Medtronic in the 3rd quarter worth approximately $94,000. Portside Wealth Group LLC boosted its stake in Medtronic by 9.3% during the 3rd quarter. Portside Wealth Group LLC now owns 58,705 shares of the medical technology company's stock valued at $5,285,000 after purchasing an additional 5,014 shares during the last quarter. Beacon Harbor Wealth Advisors Inc. boosted its stake in Medtronic by 2.2% during the 3rd quarter. Beacon Harbor Wealth Advisors Inc. now owns 73,047 shares of the medical technology company's stock valued at $6,576,000 after purchasing an additional 1,587 shares during the last quarter. Confluence Investment Management LLC boosted its stake in Medtronic by 0.9% during the 3rd quarter. Confluence Investment Management LLC now owns 216,499 shares of the medical technology company's stock valued at $19,491,000 after purchasing an additional 1,853 shares during the last quarter. Finally, Trinity Legacy Partners LLC boosted its stake in Medtronic by 8.1% during the 3rd quarter. Trinity Legacy Partners LLC now owns 55,892 shares of the medical technology company's stock valued at $5,031,000 after purchasing an additional 4,181 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

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Analysts Set New Price Targets

Several analysts have commented on the company. Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. UBS Group raised their price target on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $96.07.

Medtronic Stock Performance

Medtronic stock traded down $0.36 during trading on Tuesday, reaching $93.44. The company had a trading volume of 7,300,420 shares, compared to its average volume of 6,054,886. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The firm's 50-day simple moving average is $88.62 and its 200 day simple moving average is $87.84. The firm has a market capitalization of $119.85 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results 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 company had revenue of $8.29 billion for the quarter, compared to analysts' expectations of $8.33 billion. Sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.00%. Medtronic's dividend payout ratio is presently 85.11%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction dated 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 sale, the executive vice president now directly owns 40,979 shares of the company's stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% of the company's stock.

About Medtronic

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.