Medtronic (NYSE:MDT) Sets New 1-Year High – Still a Buy?

Shares of Medtronic plc (NYSE:MDT) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $93.40 and last traded at $94.22, with a volume of 392752 shares trading hands. The stock had previously closed at $92.02.

Analysts Set New Price Targets

Several research firms recently issued reports on MDT. Barclays boosted their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Truist Financial lowered their target price on 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 reissued an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Sanford C. Bernstein boosted 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

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 $120.95 billion, a PE ratio of 28.66, a P/E/G ratio of 2.22 and a beta of 0.84. The company has a fifty day moving average price of $87.08 and a two-hundred day moving average price of $87.50.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is currently 85.11%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by company insiders.

Institutional Trading of Medtronic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Medtronic during the 4th quarter valued at approximately $139,869,000. Brucke Financial Inc. purchased a new position in shares of Medtronic during the 4th quarter worth approximately $176,000. Azzad Asset Management Inc. ADV raised its stake in shares of Medtronic by 3.2% during the 4th quarter. Azzad Asset Management Inc. ADV now owns 62,258 shares of the medical technology company’s stock worth $4,973,000 after buying an additional 1,902 shares in the last quarter. Talaria Asset Management Pty Ltd acquired a new stake in shares of Medtronic in the 4th quarter worth approximately $45,340,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Medtronic in the fourth quarter valued at $150,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Company 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.