Medtronic (NYSE:MDT) Stock Price Down 0.3% – What’s Next?

Medtronic plc (NYSE:MDT) shares traded down 0.3% during trading on Wednesday . The company traded as low as $89.22 and last traded at $89.42. 1,331,132 shares were traded during trading, a decline of 78% from the average session volume of 6,166,881 shares. The stock had previously closed at $89.68.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Citigroup upped their price objective 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. Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Robert W. Baird upped their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial upped their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company’s 50 day moving average price is $89.69 and its 200 day moving average price is $84.38. The firm has a market capitalization of $115.54 billion, a P/E ratio of 30.44, a PEG ratio of 2.55 and a beta of 0.84.

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

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is currently 94.59%.

Hedge Funds Weigh In On Medtronic

Several large investors have recently bought and sold shares of the business. Whittier Trust Co. raised its holdings in Medtronic by 3.5% in the first quarter. Whittier Trust Co. now owns 9,502 shares of the medical technology company’s stock worth $828,000 after purchasing an additional 319 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Medtronic in the first quarter worth $183,000. GSA Capital Partners LLP raised its holdings in Medtronic by 73.0% in the first quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock worth $431,000 after purchasing an additional 2,086 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Medtronic in the first quarter worth $261,000. Finally, Csenge Advisory Group raised its holdings in Medtronic by 18.8% in the first quarter. Csenge Advisory Group now owns 11,521 shares of the medical technology company’s stock worth $1,004,000 after purchasing an additional 1,820 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.