Medtronic (NYSE:MDT) Trading Down 0% – Here’s Why

Medtronic plc (NYSE:MDT) traded down 0% on Wednesday . The stock traded as low as $85.01 and last traded at $85.70. 680,768 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 6,246,251 shares. The stock had previously closed at $85.71.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MDT shares. Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $95.27.

Medtronic Stock Down 0.2 %

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company has a market cap of $107.71 billion, a P/E ratio of 25.73, a PEG ratio of 2.43 and a beta of 0.82. The firm’s 50-day simple moving average is $88.35 and its 200 day simple moving average is $85.00.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.33%. Medtronic’s dividend payout ratio is currently 85.63%.

Institutional Trading of Medtronic

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