Shares of Medtronic plc (NYSE:MDT – Get Free Report) shot up 0.6% on Wednesday . The stock traded as high as $92.98 and last traded at $92.53. 1,367,377 shares traded hands during trading, a decline of 82% from the average session volume of 7,689,217 shares. The stock had previously closed at $91.98.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on MDT. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Wells Fargo & Company decreased their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $95.00.
Read Our Latest Stock Analysis on Medtronic
Medtronic Stock Performance
Medtronic (NYSE:MDT – Get Free Report) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the firm earned $1.25 EPS. Medtronic’s revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.
Medtronic Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. Medtronic’s dividend payout ratio (DPR) is 85.63%.
Insider Buying and Selling
In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on 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 directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.20% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the third quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the third quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic during the third quarter valued at approximately $27,000. Stephens Consulting LLC grew its position in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares in the last quarter. Finally, J. Stern & Co. LLP purchased a new position in Medtronic during the third quarter valued at approximately $30,000. 82.06% of the stock is owned by hedge funds and other 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.
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