Medtronic (NYSE:MDT) Stock Price Down 1.4%

Medtronic plc (NYSE:MDT)’s share price fell 1.4% during mid-day trading on Wednesday . The stock traded as low as $79.17 and last traded at $79.28. 1,000,729 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 6,259,903 shares. The stock had previously closed at $80.41.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MDT. UBS Group boosted their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, June 5th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Finally, Truist Financial decreased their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $93.00.

Medtronic Trading Down 0.9 %

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The company has a market capitalization of $101.72 billion, a price-to-earnings ratio of 28.85, a P/E/G ratio of 2.33 and a beta of 0.83. The business’s 50-day simple moving average is $81.87 and its 200-day simple moving average is $83.53.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the company posted $1.57 EPS. On average, research analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.53%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Medtronic

Hedge funds have recently bought and sold shares of the stock. Dark Forest Capital Management LP grew its stake in shares of Medtronic by 45.8% in the third quarter. Dark Forest Capital Management LP now owns 4,626 shares of the medical technology company’s stock valued at $362,000 after buying an additional 1,454 shares in the last quarter. Mather Group LLC. grew its stake in shares of Medtronic by 22.7% in the third quarter. Mather Group LLC. now owns 6,988 shares of the medical technology company’s stock valued at $548,000 after buying an additional 1,295 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Medtronic by 69.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock valued at $3,172,000 after purchasing an additional 16,574 shares during the last quarter. Cape Cod Five Cents Savings Bank acquired a new stake in Medtronic during the 3rd quarter valued at $199,000. Finally, Rehmann Capital Advisory Group lifted its holdings in Medtronic by 16.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 18,349 shares of the medical technology company’s stock valued at $1,438,000 after purchasing an additional 2,588 shares during the last quarter. 82.06% of the stock is currently 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.