Medtronic (NYSE:MDT) Trading Down 0.8% – Time to Sell?

Medtronic plc (NYSE:MDT)’s stock price traded down 0.8% on Tuesday . The company traded as low as $88.49 and last traded at $89.12. 1,322,674 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 7,632,893 shares. The stock had previously closed at $89.86.

Wall Street Analysts Forecast Growth

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

Medtronic Stock Up 0.5 %

The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The stock has a market cap of $114.11 billion, a P/E ratio of 27.04, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The stock’s fifty day moving average price is $91.04 and its 200 day moving average price is $87.99.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.15%. Medtronic’s payout ratio is 85.11%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marcum Wealth LLC lifted its position in Medtronic by 2.9% in the first quarter. Marcum Wealth LLC now owns 7,927 shares of the medical technology company’s stock valued at $712,000 after purchasing an additional 225 shares during the last quarter. Cullen Investment Group LTD. grew its stake in shares of Medtronic by 6.5% in the first quarter. Cullen Investment Group LTD. now owns 80,119 shares of the medical technology company’s stock worth $7,199,000 after purchasing an additional 4,925 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in Medtronic by 4.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 100,468 shares of the medical technology company’s stock worth $9,028,000 after buying an additional 4,563 shares during the period. Emprise Bank purchased a new stake in Medtronic in the first quarter worth $201,000. Finally, 111 Capital purchased a new position in shares of Medtronic during the fourth quarter valued at about $919,000. 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.