Medtronic (NYSE:MDT) Shares Down 7.3% – What’s Next?

Medtronic plc (NYSE:MDT)’s share price dropped 7.3% during trading on Tuesday . The company traded as low as $85.06 and last traded at $85.99. Approximately 5,510,367 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 7,182,668 shares. The stock had previously closed at $92.81.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MDT. JPMorgan Chase & Co. decreased their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 12th. Sanford C. Bernstein lifted their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Finally, Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a fifty day moving average price of $85.69 and a 200 day moving average price of $86.99. The stock has a market cap of $110.34 billion, a P/E ratio of 26.32, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. On average, equities analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors 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 3.25%. Medtronic’s payout ratio is 85.63%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC purchased a new position in shares of Medtronic in the 4th quarter worth approximately $56,000. Burgundy Asset Management Ltd. purchased a new position in Medtronic in the fourth quarter worth $174,329,000. Breed s Hill Capital LLC grew its stake in Medtronic by 24.5% in the 4th quarter. Breed s Hill Capital LLC now owns 3,970 shares of the medical technology company’s stock valued at $317,000 after purchasing an additional 781 shares during the period. Vise Technologies Inc. increased its position in shares of Medtronic by 34.5% during the 4th quarter. Vise Technologies Inc. now owns 16,244 shares of the medical technology company’s stock valued at $1,298,000 after purchasing an additional 4,169 shares during the last quarter. Finally, Inspire Trust Co. N.A. boosted its holdings in shares of Medtronic by 20.5% in the 4th quarter. Inspire Trust Co. N.A. now owns 44,000 shares of the medical technology company’s stock worth $3,515,000 after buying an additional 7,500 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

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.