Medtronic (NYSE:MDT) Trading Up 0.3% – Here’s What Happened

Medtronic plc (NYSE:MDT)’s share price was up 0.3% during mid-day trading on Wednesday . The stock traded as high as $80.23 and last traded at $79.88. Approximately 4,803,544 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 6,230,272 shares. The stock had previously closed at $79.61.

Wall Street Analyst Weigh In

A number of research firms have commented on MDT. Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Evercore ISI lifted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Wells Fargo & Company cut their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Price Performance

The company has a market cap of $102.86 billion, a P/E ratio of 24.53, a PEG ratio of 2.33 and a beta of 0.82. The firm’s 50-day moving average is $85.08 and its two-hundred day moving average is $84.85. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its 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. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the firm posted $1.25 EPS. The business’s quarterly revenue was up 5.2% on a year-over-year basis. Analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Hedge Funds Weigh In On Medtronic

Large investors have recently modified their holdings of the stock. Copley Financial Group Inc. bought a new position in Medtronic during the third quarter valued at $694,000. Olstein Capital Management L.P. boosted its stake in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the period. Y Intercept Hong Kong Ltd grew its holdings in Medtronic by 322.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after purchasing an additional 56,178 shares during the last quarter. Ferguson Wellman Capital Management Inc. purchased a new stake in Medtronic in the 3rd quarter worth about $9,486,000. Finally, Soltis Investment Advisors LLC lifted its stake in Medtronic by 30.0% in the third quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock worth $7,933,000 after purchasing an additional 20,352 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

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.