Magnetar Financial LLC Boosts Stock Holdings in Medtronic plc (NYSE:MDT)

Magnetar Financial LLC boosted its holdings in Medtronic plc (NYSE:MDT - Free Report) by 13,636.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 693,119 shares of the medical technology company's stock after purchasing an additional 688,073 shares during the quarter. Medtronic comprises 1.3% of Magnetar Financial LLC's portfolio, making the stock its 22nd largest position. Magnetar Financial LLC owned approximately 0.05% of Medtronic worth $55,366,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Guardian Wealth Management Inc. boosted its holdings in Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company's stock worth $1,182,000 after acquiring an additional 115 shares in the last quarter. MONECO Advisors LLC raised its position in shares of Medtronic by 1.8% in the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company's stock valued at $512,000 after purchasing an additional 115 shares during the last quarter. Hardy Reed LLC grew its position in Medtronic by 4.4% during the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock worth $247,000 after purchasing an additional 116 shares during the last quarter. OLD Second National Bank of Aurora increased its stake in Medtronic by 0.3% during the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company's stock valued at $2,900,000 after purchasing an additional 121 shares in the last quarter. Finally, McKinley Carter Wealth Services Inc. lifted its stake in shares of Medtronic by 0.7% during the fourth quarter. McKinley Carter Wealth Services Inc. now owns 19,677 shares of the medical technology company's stock worth $1,572,000 after buying an additional 129 shares during the period. Institutional investors own 82.06% of the company's stock.

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Wall Street Analyst Weigh In

MDT has been the topic of several research analyst reports. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and upped their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Wednesday, February 19th. One equities research 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $96.07.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is currently owned by company insiders.

Medtronic Trading Down 0.9 %

Shares of MDT stock traded down $0.85 on Friday, hitting $90.37. The stock had a trading volume of 14,027,607 shares, compared to its average volume of 6,106,756. The firm has a market capitalization of $115.90 billion, a P/E ratio of 27.47, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company's 50 day moving average price is $90.67 and its 200-day moving average price is $88.07.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.10%. 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.