Medtronic (NYSE:MDT) Trading Up 1% – What’s Next?

Medtronic plc (NYSE:MDT)’s share price traded up 1% during trading on Tuesday . The company traded as high as $81.07 and last traded at $80.64. Approximately 1,700,037 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 5,075,351 shares. The stock had previously closed at $79.84.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Robert W. Baird dropped their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Finally, Barclays boosted their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The stock’s fifty day moving average is $84.30 and its 200-day moving average is $84.90. The stock has a market cap of $106.08 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. As a group, equities analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be given a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.38%. Medtronic’s payout ratio is currently 85.63%.

Institutional Investors Weigh In On Medtronic

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fortitude Family Office LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the third quarter worth $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the third quarter valued at $27,000. J. Stern & Co. LLP purchased a new position in Medtronic in the third quarter valued at $30,000. Finally, Chelsea Counsel Co. acquired a new position in Medtronic during the 3rd quarter worth $45,000. 82.06% of the stock is owned by hedge funds and other 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.