Medtronic (NYSE:MDT) Trading Up 0.5% – Here’s Why

Medtronic plc (NYSE:MDT)’s share price traded up 0.5% during trading on Friday . The stock traded as high as $88.00 and last traded at $87.59. 2,332,438 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 7,801,272 shares. The stock had previously closed at $87.16.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MDT shares. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Evercore ISI increased their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Citigroup raised 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. Finally, JPMorgan Chase & Co. decreased 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

The firm’s 50-day moving average is $83.64 and its 200-day moving average is $85.10. 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 has a market capitalization of $113.13 billion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating 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 company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the firm posted $1.25 EPS. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.17%. Medtronic’s payout ratio is 85.63%.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Cerro Pacific Wealth Advisors LLC increased its position in shares of Medtronic by 47.4% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 8,425 shares of the medical technology company’s stock valued at $673,000 after acquiring an additional 2,708 shares during the period. Apeiron RIA LLC increased its holdings in Medtronic by 41.1% during the 4th quarter. Apeiron RIA LLC now owns 3,724 shares of the medical technology company’s stock valued at $297,000 after purchasing an additional 1,084 shares during the period. Secure Asset Management LLC bought a new position in Medtronic during the 4th quarter valued at approximately $285,000. Red Door Wealth Management LLC lifted its holdings in Medtronic by 13.8% in the 4th quarter. Red Door Wealth Management LLC now owns 4,225 shares of the medical technology company’s stock worth $337,000 after buying an additional 512 shares during the period. Finally, Donoghue Forlines LLC bought a new stake in shares of Medtronic in the 4th quarter worth approximately $1,504,000. 82.06% of the stock is currently 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.