Rafferty Asset Management LLC Boosts Stake in Medtronic plc (NYSE:MDT)

Rafferty Asset Management LLC boosted its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 11.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 145,445 shares of the medical technology company's stock after purchasing an additional 15,357 shares during the period. Rafferty Asset Management LLC's holdings in Medtronic were worth $11,618,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MDT. Olstein Capital Management L.P. grew its holdings in shares of Medtronic by 8.0% during the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock worth $7,509,000 after acquiring an additional 7,000 shares during the period. Empowered Funds LLC grew its holdings in shares of Medtronic by 2.7% during the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock worth $8,453,000 after acquiring an additional 2,778 shares during the period. Caprock Group LLC grew its holdings in shares of Medtronic by 12.6% during the 4th quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company's stock worth $3,849,000 after acquiring an additional 5,363 shares during the period. Merit Financial Group LLC grew its holdings in shares of Medtronic by 327.8% during the 4th quarter. Merit Financial Group LLC now owns 23,270 shares of the medical technology company's stock worth $1,859,000 after acquiring an additional 17,831 shares during the period. Finally, Synergy Asset Management LLC grew its holdings in shares of Medtronic by 107.1% during the 4th quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company's stock worth $19,353,000 after acquiring an additional 117,809 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MDT shares. UBS Group upped their target price on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Truist Financial dropped their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Monday. Robert W. Baird boosted their price target on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Finally, Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $96.14.

Medtronic Stock Down 0.9%

MDT stock traded down $0.78 during midday trading on Tuesday, hitting $86.19. The company's stock had a trading volume of 9,247,065 shares, compared to its average volume of 6,760,179. The firm's 50-day moving average is $85.83 and its 200-day moving average is $86.57. The company has a market cap of $110.54 billion, a PE ratio of 26.20, a P/E/G ratio of 2.22 and a beta of 0.81. 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 plc has a 12 month low of $75.96 and a 12 month high of $96.25.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.25%. Medtronic's payout ratio is 85.11%.

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.