Medtronic (NYSE:MDT) Trading 4% Higher – What’s Next?

Shares of Medtronic plc (NYSE:MDT) traded up 4% on Tuesday . The stock traded as high as $85.29 and last traded at $85.07. 2,915,398 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 6,649,315 shares. The stock had previously closed at $81.79.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MDT shares. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company decreased their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Price Performance

The firm has a market capitalization of $108.75 billion, a PE ratio of 25.94, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The stock’s 50 day simple moving average is $83.83 and its two-hundred day simple moving average is $84.96. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. Medtronic’s quarterly revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Medtronic

Institutional investors have recently added to or reduced their stakes in the business. Fortitude Family Office LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP purchased a new position in shares of Medtronic during the third quarter worth approximately $30,000. Finally, Kieckhefer Group LLC acquired a new position in shares of Medtronic in the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.