Medtronic (NYSE:MDT) Stock Price Down 0.2% – Here’s What Happened

Medtronic plc (NYSE:MDT)’s stock price fell 0.2% on Thursday . The stock traded as low as $91.13 and last traded at $91.50. 917,052 shares changed hands during trading, a decline of 87% from the average session volume of 7,168,291 shares. The stock had previously closed at $91.69.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research reports. Truist Financial dropped their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Robert W. Baird dropped their price target 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. Finally, Sanford C. Bernstein boosted their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Trading Down 0.9 %

The firm has a market capitalization of $115.42 billion, a P/E ratio of 27.53, a P/E/G ratio of 2.57 and a beta of 0.84. 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 company’s fifty day moving average is $84.85 and its 200-day moving average is $86.38.

Medtronic (NYSE:MDT) last issued 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. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.25 earnings per share. As a group, sell-side analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

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 $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is 85.63%.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $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 accessible through the SEC website. 0.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MDT. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic during the 4th quarter valued at about $26,000. Fortitude Family Office LLC acquired a new stake in Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the 3rd quarter worth approximately $27,000. Finally, Stephens Consulting LLC lifted its position in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares during the period. 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.