Medtronic (NYSE:MDT) Trading Down 0.1% – What’s Next?

Medtronic plc (NYSE:MDT) shares dropped 0.1% on Monday . The stock traded as low as $80.58 and last traded at $82.78. Approximately 2,659,306 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 6,594,397 shares. The stock had previously closed at $82.88.

Analysts Set New Price Targets

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

Medtronic Stock Performance

The business has a 50 day moving average price of $90.68 and a two-hundred day moving average price of $87.89. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market cap of $106.58 billion, a P/E ratio of 25.26, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $8.29 billion for 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%. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MDT. First County Bank CT bought a new stake in shares of Medtronic during the first quarter valued at approximately $246,000. Tompkins Financial Corp boosted its holdings in shares of Medtronic by 371.1% during the 1st quarter. Tompkins Financial Corp now owns 1,206 shares of the medical technology company’s stock valued at $108,000 after buying an additional 950 shares in the last quarter. Partnership Wealth Management LLC boosted its holdings in shares of Medtronic by 1.4% during the 1st quarter. Partnership Wealth Management LLC now owns 15,533 shares of the medical technology company’s stock valued at $1,396,000 after buying an additional 221 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Medtronic by 12,579.1% in the 1st quarter. GAMMA Investing LLC now owns 1,427,157 shares of the medical technology company’s stock worth $128,244,000 after buying an additional 1,415,901 shares during the period. Finally, AdvisorNet Financial Inc increased its stake in shares of Medtronic by 55.4% in the 1st quarter. AdvisorNet Financial Inc now owns 8,469 shares of the medical technology company’s stock worth $761,000 after acquiring an additional 3,018 shares in the last quarter. Hedge funds and other 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.