5 Best Money-Making Stocks to Buy Now

2. Medtronic plc (NYSE:MDT)

Number of Hedge Funds: 62

Total Value of Hedge Fund Holdings: 2,278,950,000

1-Year Forward Dividend Yield: 2.45%

Medtronic plc (NYSE:MDT) is an Irish-American healthcare technology corporation involved in the manufacturing and selling of medical devices. The Dublin, Ireland-based company is the biggest medical devices company globally in terms of the top line.

The devices and services provided by Medtronic plc (NYSE:MDT) aid in the treatment of over 70 health conditions. The entity divides its equipment into four portfolios, namely cardiovascular, diabetes, medical-surgical, and neuroscience.

Medtronic plc (NYSE:MDT) announced a dividend of 63 cents per share on December 9 for the third quarter of 2021. The dividend will be paid out on January 22, 2022, to all shareholders who held the stock at the close of trading on December 21. Medtronic plc (NYSE:MDT) is a part of the prestigious Dividend Aristocrat List as it has been increasing its dividend for the last 44 consecutive years.

In a research note highlighting the outlook for the medical devices’ industry for 2022, David Rescott at Truist gave Medtronic plc (NYSE:MDT) a Buy rating with a price target of $124 on December 21. Rescott arrived at the price target after incorporating the impacts of the headwinds expected to be faced by the Diabetes division following the warning letter from the Food and Drug Administration (FDA) in mid-December.