Medtronic (NYSE:MDT) Shares Up 0.4% – Here’s Why

Medtronic plc (NYSE:MDT) shares were up 0.4% during trading on Thursday . The company traded as high as $91.81 and last traded at $91.68. Approximately 1,020,137 shares changed hands during trading, a decline of 85% from the average daily volume of 6,952,033 shares. The stock had previously closed at $91.35.

Analyst Ratings Changes

A number of research firms have recently issued reports on MDT. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Barclays lifted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. lowered their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday. Finally, Sanford C. Bernstein lifted their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company’s 50-day simple moving average is $85.16 and its 200-day simple moving average is $86.68. The stock has a market capitalization of $117.55 billion, a price-to-earnings ratio of 28.03, a PEG ratio of 2.57 and a beta of 0.84.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Medtronic

Large investors have recently bought and sold shares of the stock. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the fourth quarter valued at about $26,000. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Finally, Stephens Consulting LLC boosted its holdings in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.