Medtronic (NYSE:MDT) Trading Down 0.1% – What’s Next?

Medtronic plc (NYSE:MDT)’s share price was down 0.1% during mid-day trading on Tuesday . The company traded as low as $93.13 and last traded at $93.29. Approximately 794,020 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 6,002,173 shares. The stock had previously closed at $93.35.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MDT. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. Wells Fargo & Company dropped their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Robert W. Baird lifted their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Trading Down 1.3 %

The business’s 50 day simple moving average is $89.88 and its 200 day simple moving average is $87.99. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market capitalization of $118.21 billion, a price-to-earnings ratio of 28.03, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $8.33 billion. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated 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 sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC grew its holdings in Medtronic by 10.9% during the third quarter. OneDigital Investment Advisors LLC now owns 16,450 shares of the medical technology company’s stock worth $1,481,000 after acquiring an additional 1,619 shares during the period. Atlanta Consulting Group Advisors LLC increased its stake in Medtronic by 59.3% in the 3rd quarter. Atlanta Consulting Group Advisors LLC now owns 4,752 shares of the medical technology company’s stock valued at $428,000 after purchasing an additional 1,769 shares in the last quarter. Aljian Capital Management LLC purchased a new position in shares of Medtronic in the third quarter valued at $460,000. Equity Investment Corp boosted its position in shares of Medtronic by 0.7% in the 3rd quarter. Equity Investment Corp now owns 1,458,448 shares of the medical technology company’s stock worth $131,304,000 after buying an additional 10,571 shares in the last quarter. Finally, Richard C. Young & CO. LTD. grew its stake in Medtronic by 2.7% in the 3rd quarter. Richard C. Young & CO. LTD. now owns 139,232 shares of the medical technology company’s stock valued at $12,535,000 after acquiring an additional 3,634 shares during the last quarter. 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.