Medtronic (NYSE:MDT) Stock Price Up 0% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) shot up 0% during trading on Monday . The stock traded as high as $81.08 and last traded at $80.99. 1,873,621 shares changed hands during trading, a decline of 56% from the average session volume of 4,232,257 shares. The stock had previously closed at $80.95.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MDT shares. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Sanford C. Bernstein boosted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

The stock has a market cap of $102.66 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. 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 company’s 50-day moving average is $84.89 and its 200-day moving average is $84.93.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Institutional Trading of Medtronic

Large investors have recently added to or reduced their stakes in the company. North Star Asset Management Inc. boosted its stake in Medtronic by 5.5% in the second quarter. North Star Asset Management Inc. now owns 4,421 shares of the medical technology company’s stock worth $348,000 after purchasing an additional 229 shares in the last quarter. Advisor OS LLC increased its position in Medtronic by 5.4% in the 2nd quarter. Advisor OS LLC now owns 4,406 shares of the medical technology company’s stock valued at $347,000 after acquiring an additional 225 shares in the last quarter. Lake Street Advisors Group LLC raised its stake in shares of Medtronic by 4.2% in the second quarter. Lake Street Advisors Group LLC now owns 5,906 shares of the medical technology company’s stock worth $469,000 after acquiring an additional 236 shares during the last quarter. Wakefield Asset Management LLLP lifted its position in shares of Medtronic by 4.7% during the second quarter. Wakefield Asset Management LLLP now owns 4,994 shares of the medical technology company’s stock worth $393,000 after purchasing an additional 226 shares in the last quarter. Finally, Chicago Capital LLC bought a new stake in shares of Medtronic during the second quarter valued at approximately $201,000. 82.06% of the stock is owned by institutional investors.

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.