Medtronic (NYSE:MDT) Trading Up 0.2% – Time to Buy?

Medtronic plc (NYSE:MDT) shot up 0.2% on Wednesday . The company traded as high as $81.78 and last traded at $81.54. Approximately 2,465,929 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 6,261,645 shares. The stock had previously closed at $81.40.

Analysts Set New Price Targets

Several analysts have recently commented on MDT shares. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Citigroup boosted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Barclays boosted their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Stock Performance

The company has a market capitalization of $104.56 billion, a price-to-earnings ratio of 24.94, a P/E/G ratio of 2.33 and a beta of 0.82. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average price is $86.56 and its 200 day moving average price is $84.97.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the prior year, the business posted $1.25 EPS. The business’s revenue was up 5.2% compared to the same quarter last year. Analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Institutional Investors Weigh In On Medtronic

A number of institutional investors and hedge funds have recently modified their holdings of MDT. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. J. Stern & Co. LLP bought a new stake in Medtronic in the 3rd quarter valued at $30,000. Finally, Chelsea Counsel Co. acquired a new stake in Medtronic during the 3rd quarter valued at $45,000. 82.06% of the stock is owned by institutional investors.

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.