Medtronic (NYSE:MDT) Shares Up 0.6% – Still a Buy?

Medtronic plc (NYSE:MDT)’s stock price shot up 0.6% during mid-day trading on Tuesday . The company traded as high as $82.29 and last traded at $81.81. 1,467,031 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 6,219,232 shares. The stock had previously closed at $81.35.

Wall Street Analyst Weigh In

MDT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Citigroup raised their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.27.

Medtronic Stock Down 0.2 %

The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a market cap of $104.10 billion, a P/E ratio of 25.02, a PEG ratio of 2.35 and a beta of 0.82. The stock’s 50-day simple moving average is $87.54 and its 200 day simple moving average is $85.04.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 earnings per share. As a group, research analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.45%. Medtronic’s dividend payout ratio is currently 85.63%.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. raised its holdings in shares of Medtronic by 0.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 57,440 shares of the medical technology company’s stock worth $4,521,000 after acquiring an additional 324 shares during the last quarter. Pallas Capital Advisors LLC raised its holdings in shares of Medtronic by 15.4% in the 2nd quarter. Pallas Capital Advisors LLC now owns 7,807 shares of the medical technology company’s stock worth $634,000 after acquiring an additional 1,043 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its holdings in shares of Medtronic by 7.7% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 5,008 shares of the medical technology company’s stock worth $395,000 after acquiring an additional 360 shares during the last quarter. Aaron Wealth Advisors LLC raised its holdings in shares of Medtronic by 41.1% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 3,853 shares of the medical technology company’s stock worth $303,000 after acquiring an additional 1,123 shares during the last quarter. Finally, Atria Wealth Solutions Inc. raised its holdings in shares of Medtronic by 0.6% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 96,253 shares of the medical technology company’s stock worth $7,626,000 after acquiring an additional 554 shares during the last quarter. Institutional investors and hedge funds 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.