Medtronic (NYSE:MDT) Stock Price Down 0.1% – Here’s Why

Medtronic plc (NYSE:MDT) shares dropped 0.1% during trading on Monday . The company traded as low as $80.58 and last traded at $82.78. Approximately 2,659,306 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 6,594,397 shares. The stock had previously closed at $82.88.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent research reports. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Robert W. Baird raised their price objective on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given 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.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $96.07.

Medtronic Trading Up 0.3 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market cap of $106.58 billion, a price-to-earnings ratio of 25.26, a P/E/G ratio of 2.22 and a beta of 0.79. The company’s fifty day moving average is $90.68 and its two-hundred day moving average is $87.89.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was 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 $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Medtronic

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDT. Mainstream Capital Management LLC purchased a new position in Medtronic in the 4th quarter valued at about $26,000. Rakuten Securities Inc. lifted its position in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. Stephens Consulting LLC boosted its stake in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the last quarter. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter worth approximately $31,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.