Medtronic (NYSE:MDT) Trading Up 0.4% – What’s Next?

Medtronic plc (NYSE:MDT) was up 0.4% during trading on Thursday . The stock traded as high as $91.81 and last traded at $91.68. Approximately 1,020,137 shares traded hands during trading, a decline of 85% from the average daily volume of 6,952,033 shares. The stock had previously closed at $91.35.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Wells Fargo & Company reduced their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Sanford C. Bernstein upped their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Finally, Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.00.

Medtronic Trading Up 0.9 %

The stock has a market capitalization of $119.28 billion, a PE ratio of 28.45, a P/E/G ratio of 2.57 and a beta of 0.84. The firm has a 50 day moving average price of $85.51 and a 200 day moving average price of $86.81. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released 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 the consensus estimate of $8.27 billion. During the same period last year, the business posted $1.25 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.01%. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Cornerstone Wealth Management LLC raised its stake in Medtronic by 4.8% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 12,778 shares of the medical technology company’s stock valued at $1,150,000 after buying an additional 586 shares during the last quarter. Good Life Advisors LLC increased its stake in shares of Medtronic by 7.7% in the 3rd quarter. Good Life Advisors LLC now owns 3,870 shares of the medical technology company’s stock worth $348,000 after purchasing an additional 276 shares in the last quarter. Bleakley Financial Group LLC increased its stake in shares of Medtronic by 13.9% in the 3rd quarter. Bleakley Financial Group LLC now owns 63,622 shares of the medical technology company’s stock worth $5,728,000 after purchasing an additional 7,786 shares in the last quarter. Teamwork Financial Advisors LLC purchased a new stake in shares of Medtronic in the 3rd quarter worth $217,000. Finally, Cardinal Capital Management increased its stake in Medtronic by 1.1% in the 3rd quarter. Cardinal Capital Management now owns 71,537 shares of the medical technology company’s stock worth $6,490,000 after buying an additional 770 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

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.