Medtronic (NYSE:MDT) Trading Up 0.4% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) rose 0.4% during trading on Thursday . The company traded as high as $91.14 and last traded at $90.91. Approximately 774,523 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 7,310,062 shares. The stock had previously closed at $90.58.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MDT. 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 report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Sanford C. Bernstein upped their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 1.4 %

The company’s 50 day moving average price is $87.08 and its 200 day moving average price is $87.42. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $117.97 billion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 2.22 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. As a group, research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.04%. Medtronic’s payout ratio is currently 85.11%.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, 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 document filed with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Medtronic in the fourth quarter valued at $139,869,000. Brucke Financial Inc. purchased a new position in Medtronic in the fourth quarter valued at $176,000. Azzad Asset Management Inc. ADV increased its holdings in Medtronic by 3.2% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 62,258 shares of the medical technology company’s stock valued at $4,973,000 after buying an additional 1,902 shares in the last quarter. Talaria Asset Management Pty Ltd purchased a new position in Medtronic in the fourth quarter valued at $45,340,000. Finally, Bernard Wealth Management Corp. purchased a new position in Medtronic in the fourth quarter valued at $150,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.