Medtronic (NYSE:MDT) Shares Up 1.1% – Here’s What Happened

Medtronic plc (NYSE:MDT)’s share price rose 1.1% on Thursday . The stock traded as high as $89.06 and last traded at $89.20. Approximately 1,174,189 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 6,103,681 shares. The stock had previously closed at $88.23.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MDT shares. Robert W. Baird increased their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. UBS Group boosted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Finally, Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $96.07.

Medtronic Stock Performance

The company has a fifty day moving average price of $90.98 and a two-hundred day moving average price of $88.03. The company has a market capitalization of $112.38 billion, a P/E ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’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 transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.20% of the company’s stock.

Institutional Trading of Medtronic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Loomis Sayles & Co. L P boosted its holdings in shares of Medtronic by 6.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,182 shares of the medical technology company’s stock worth $196,000 after buying an additional 141 shares during the last quarter. FMR LLC raised its position in Medtronic by 21.0% in the third quarter. FMR LLC now owns 1,839,569 shares of the medical technology company’s stock worth $165,616,000 after acquiring an additional 319,256 shares during the period. CreativeOne Wealth LLC boosted its stake in Medtronic by 279.5% in the third quarter. CreativeOne Wealth LLC now owns 20,672 shares of the medical technology company’s stock valued at $1,861,000 after acquiring an additional 15,225 shares during the last quarter. Fiduciary Trust Co grew its position in shares of Medtronic by 0.4% during the 3rd quarter. Fiduciary Trust Co now owns 35,375 shares of the medical technology company’s stock valued at $3,185,000 after acquiring an additional 142 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of Medtronic by 244.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 175,914 shares of the medical technology company’s stock worth $15,838,000 after purchasing an additional 124,900 shares during the last quarter. 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.