The Manufacturers Life Insurance Company Buys 1,073,545 Shares of Medtronic plc (NYSE:MDT)

The Manufacturers Life Insurance Company raised its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 33.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,325,726 shares of the medical technology company's stock after purchasing an additional 1,073,545 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.34% of Medtronic worth $345,538,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Optiver Holding B.V. acquired a new stake in shares of Medtronic during the 4th quarter valued at $31,000. Beacon Pointe Advisors LLC grew its holdings in shares of Medtronic by 21.4% during the fourth quarter. Beacon Pointe Advisors LLC now owns 20,356 shares of the medical technology company's stock worth $1,626,000 after purchasing an additional 3,589 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $13,546,000. Quarry LP boosted its position in Medtronic by 24.5% during the 4th quarter. Quarry LP now owns 7,894 shares of the medical technology company's stock worth $631,000 after buying an additional 1,551 shares during the period. Finally, Shorepoint Capital Partners LLC grew its holdings in Medtronic by 2.1% during the 4th quarter. Shorepoint Capital Partners LLC now owns 34,697 shares of the medical technology company's stock worth $2,772,000 after acquiring an additional 707 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of Medtronic stock traded up $1.18 on Friday, hitting $84.74. 5,727,376 shares of the company traded hands, compared to its average volume of 6,672,780. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The firm's 50-day simple moving average is $87.77 and its 200 day simple moving average is $87.13. The company has a market cap of $108.68 billion, a P/E ratio of 25.76, a P/E/G ratio of 2.22 and a beta of 0.79. 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 quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. The company 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%. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic's dividend payout ratio is currently 85.11%.

Wall Street Analyst Weigh In

MDT has been the topic of a number of recent research reports. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Truist Financial reduced 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. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Royal Bank of Canada restated an "outperform" rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Finally, 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 research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $96.14.

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.