Medtronic (NYSE:MDT) Reaches New 1-Year High – Still a Buy?

Medtronic plc (NYSE:MDT) reached a new 52-week high on Monday . The stock traded as high as $93.40 and last traded at $94.22, with a volume of 392752 shares changing hands. The stock had previously closed at $92.02.

Wall Street Analyst Weigh In

MDT has been the subject of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $92.00 to $107.00 in a research note on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird upped their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $96.07.

Medtronic Price Performance

The company has a market cap of $120.75 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 2.22 and a beta of 0.84. The stock’s 50-day simple moving average is $87.57 and its 200 day simple moving average is $87.63. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. On average, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 2.97%. Medtronic’s dividend payout ratio is presently 85.11%.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

A number of institutional investors and hedge funds have recently made changes to their positions in MDT. Chicago Partners Investment Group LLC increased its position in shares of Medtronic by 37.8% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 4,870 shares of the medical technology company’s stock valued at $449,000 after purchasing an additional 1,337 shares during the last quarter. Clear Creek Financial Management LLC acquired a new position in shares of Medtronic during the third quarter worth $280,000. Robeco Institutional Asset Management B.V. increased its holdings in Medtronic by 5.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 784,567 shares of the medical technology company’s stock valued at $70,635,000 after buying an additional 37,089 shares during the last quarter. Intact Investment Management Inc. raised its stake in Medtronic by 9.9% in the third quarter. Intact Investment Management Inc. now owns 45,600 shares of the medical technology company’s stock valued at $4,105,000 after buying an additional 4,100 shares in the last quarter. Finally, Catalyst Capital Advisors LLC boosted its position in shares of Medtronic by 12.1% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 28,920 shares of the medical technology company’s stock worth $2,604,000 after acquiring an additional 3,120 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

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.