Magnetar Financial LLC Has $55.37 Million Stock Position in Medtronic plc (NYSE:MDT)

Magnetar Financial LLC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 13,636.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 693,119 shares of the medical technology company’s stock after purchasing an additional 688,073 shares during the quarter. Medtronic accounts for 1.3% of Magnetar Financial LLC’s holdings, making the stock its 22nd biggest holding. Magnetar Financial LLC owned approximately 0.05% of Medtronic worth $55,366,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of MDT. Guardian Wealth Management Inc. lifted its holdings in Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after purchasing an additional 115 shares in the last quarter. MONECO Advisors LLC lifted its holdings in Medtronic by 1.8% during the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock worth $512,000 after purchasing an additional 115 shares in the last quarter. Hardy Reed LLC lifted its holdings 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 in the last quarter. OLD Second National Bank of Aurora lifted its holdings 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 worth $2,900,000 after purchasing an additional 121 shares in the last quarter. Finally, McKinley Carter Wealth Services Inc. lifted its holdings in Medtronic by 0.7% during the 4th quarter. McKinley Carter Wealth Services Inc. now owns 19,677 shares of the medical technology company’s stock worth $1,572,000 after purchasing an additional 129 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird increased their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Sanford C. Bernstein upped their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. UBS Group upped their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. 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 issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $96.07.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is currently owned by company insiders.

Medtronic Price Performance

Shares of Medtronic stock opened at $91.78 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $117.71 billion, a PE ratio of 27.90, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The business’s 50-day moving average price is $90.30 and its 200-day moving average price is $88.04. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS 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 analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.05%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio is presently 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.