5 Dividend Stocks to Buy According to Bruce Kovner’s Caxton Associates LP

4. Medtronic plc (NYSE:MDT)

Caxton Associates’ Stake Value: $1,801,000

Medtronic plc (NYSE:MDT) is an Ireland-based medical device company that provides services and solutions in medical technology. On August 18, the company declared a quarterly dividend of $0.68 per share. The company raised its dividend by 8% in May. This was the company’s 45th consecutive year of dividend growth. As of September 2, the stock has a yield of 3.07%.

Caxton Associates initiated its position in Medtronic plc (NYSE:MDT) during the second quarter of 2022, purchasing 20,065 shares. The firm’s total stake in the company amounted to over $1.8 million, which represented 0.17% of its 13F portfolio.

In August, Wells Fargo maintained its Equal Weight rating on Medtronic plc (NYSE:MDT) and a $96 price target, highlighting the company’s earnings beat in Q1. The firm also appreciated the company’s revised guidance for its FY23 organic growth.

At the end of Q2 2022, 54 hedge funds tracked by Insider Monkey owned stakes in Medtronic plc (NYSE:MDT), the same as in the previous quarter. The collective value of these stakes is over $2.48 billion, compared with $1.9 billion worth of stakes owned by hedge funds in Q1 2022.

Polen Capital mentioned Medtronic plc (NYSE:MDT) in its Q1 2022 investor letter. Here is what the firm has to say:

“Ireland-based Medtronic is a leading health care company focused on supplying many important life-saving devices like pacemakers, defibrillators, and insulin pumps. This is another company with attractive pricing power and a business model that can hold up well during inflationary periods. Medtronic has increased market share across almost 70% of its portfolio since the start of the pandemic, which is a higher percentage than even before the pandemic. With growth-oriented companies falling out of favor over the quarter, the stock’s relatively discounted valuation (at approximately 19x earnings) also bolstered its performance.”