Medtronic (NYSE:MDT) Shares Down 0.4% – Here’s Why

Medtronic plc (NYSE:MDT) shares dropped 0.4% during mid-day trading on Wednesday . The company traded as low as $87.73 and last traded at $87.97. Approximately 919,287 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 6,175,353 shares. The stock had previously closed at $88.30.

Analyst Ratings Changes

MDT has been the subject of a number of analyst reports. Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Truist Financial raised their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Finally, Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

The firm has a 50 day simple moving average of $89.65 and a 200-day simple moving average of $84.63. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The company has a market cap of $112.41 billion, a PE ratio of 29.71, a price-to-earnings-growth ratio of 2.52 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the company earned $1.20 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, research analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is presently 94.59%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MDT. J. Stern & Co. LLP purchased a new stake in shares of Medtronic during the third quarter worth approximately $30,000. Lazard Freres Gestion S.A.S. grew its holdings in Medtronic by 23.5% in the 3rd quarter. Lazard Freres Gestion S.A.S. now owns 1,159,191 shares of the medical technology company’s stock valued at $104,361,000 after buying an additional 220,556 shares in the last quarter. FMR LLC lifted its stake in shares of Medtronic by 21.0% in the 3rd quarter. FMR LLC now owns 1,839,569 shares of the medical technology company’s stock valued at $165,616,000 after purchasing an additional 319,256 shares during the last quarter. Dai ichi Life Insurance Company Ltd lifted its stake in shares of Medtronic by 21.6% in the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 45,096 shares of the medical technology company’s stock valued at $4,060,000 after purchasing an additional 8,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Medtronic by 29.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,252,181 shares of the medical technology company’s stock valued at $292,794,000 after purchasing an additional 732,753 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

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.