Medtronic (NYSE:MDT) Trading Down 1.5% on Insider Selling

Medtronic plc (NYSE:MDT) dropped 1.5% during trading on Friday following insider selling activity. The stock traded as low as $81.20 and last traded at $81.44. Approximately 1,844,192 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 6,456,499 shares. The stock had previously closed at $82.68.

Specifically, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MDT shares. JPMorgan Chase & Co. decreased their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Evercore ISI boosted their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Wells Fargo & Company reduced their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Down 2.5 %

The firm has a market capitalization of $103.38 billion, a PE ratio of 24.65, a PEG ratio of 2.33 and a beta of 0.83. The business’s fifty day moving average price is $83.99 and its 200 day moving average price is $84.91. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

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 analysts’ consensus estimates of $1.25 by $0.01. The company 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%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $1.25 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.47%. Medtronic’s dividend payout ratio is currently 85.63%.

Institutional Trading of Medtronic

Several hedge funds have recently made changes to their positions in MDT. Fortitude Family Office LLC acquired a new stake in Medtronic in the third quarter valued at about $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP purchased a new position in Medtronic in the third quarter worth $30,000. Finally, Chelsea Counsel Co. acquired a new stake in Medtronic in the third quarter valued at $45,000. Institutional investors and hedge funds 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.