Medtronic (NYSE:MDT) Shares Up 0% – Here’s What Happened

Medtronic plc (NYSE:MDT) shares shot up 0% on Friday . The stock traded as high as $81.27 and last traded at $80.92. 690,091 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 6,227,130 shares. The stock had previously closed at $80.90.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Barclays boosted their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Wells Fargo & Company decreased their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Robert W. Baird reduced their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. One research 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. According to data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Stock Performance

The stock has a market capitalization of $103.28 billion, a P/E ratio of 24.63, a PEG ratio of 2.33 and a beta of 0.82. 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 business has a 50-day moving average price of $86.23 and a 200 day moving average price of $84.92.

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

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders 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 yield of 3.48%. The ex-dividend date is Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Institutional Trading of Medtronic

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