Medtronic (NYSE:MDT) Stock Price Down 0.1% Following Analyst Downgrade

Medtronic plc (NYSE:MDT) dropped 0.1% during trading on Wednesday after Truist Financial lowered their price target on the stock from $93.00 to $89.00. Truist Financial currently has a hold rating on the stock. Medtronic traded as low as $81.00 and last traded at $81.29. Approximately 1,300,163 shares changed hands during trading, a decline of 79% from the average daily volume of 6,225,602 shares. The stock had previously closed at $81.37.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Oppenheimer raised their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Barclays boosted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Robert W. Baird dropped their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $95.00.

Institutional Trading of Medtronic

A number of institutional investors have recently modified their holdings of the company. Clear Harbor Asset Management LLC lifted its position in Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after buying an additional 111 shares in the last quarter. Guardian Wealth Management Inc. lifted its holdings in shares of Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after acquiring an additional 115 shares in the last quarter. First PREMIER Bank boosted its position in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after purchasing an additional 116 shares during the period. First City Capital Management Inc. boosted its position in Medtronic by 2.9% during the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 116 shares during the period. Finally, Hardy Reed LLC increased its holdings in Medtronic by 4.4% in the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after purchasing an additional 116 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

The stock has a 50 day simple moving average of $87.06 and a 200 day simple moving average of $84.97. 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 cap of $102.57 billion, a price-to-earnings ratio of 24.46, a PEG ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion during 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%. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. As a group, analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

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

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.