Medtronic (NYSE:MDT) Stock Price Up 0.2% – Still a Buy?

Medtronic plc (NYSE:MDT) shares rose 0.2% during trading on Friday . The stock traded as high as $88.69 and last traded at $88.29. Approximately 1,363,249 shares changed hands during trading, a decline of 78% from the average daily volume of 6,171,756 shares. The stock had previously closed at $88.12.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Stifel Nicolaus upped their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Truist Financial boosted their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

The company has a 50-day moving average of $89.69 and a 200-day moving average of $84.38. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock has a market cap of $112.50 billion, a price-to-earnings ratio of 29.84, a PEG ratio of 2.55 and a beta of 0.84.

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

Medtronic Announces Dividend

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

Hedge Funds Weigh In On Medtronic

A number of institutional investors have recently made changes to their positions in the stock. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the second quarter worth $28,000. Gleason Group Inc. bought a new stake in shares of Medtronic in the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic during the 2nd quarter valued at about $43,000. 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.