Medtronic (NYSE:MDT) Stock Price Up 0.2% Following Dividend Announcement

Medtronic plc (NYSE:MDT)’s share price traded up 0.2% on Friday following a dividend announcement from the company. The stock traded as high as $84.55 and last traded at $84.28. 924,152 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 6,245,974 shares. The stock had previously closed at $84.14.

The newly announced dividend which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.32%. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Truist Financial raised their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Sanford C. Bernstein raised their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. One 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’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $95.27.

Medtronic Stock Performance

The firm’s fifty day moving average price is $88.35 and its 200-day moving average price is $85.00. 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 firm has a market cap of $108.07 billion, a price-to-earnings ratio of 25.77, a PEG ratio of 2.43 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for 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 business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.25 earnings per share. Analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Institutional Investors Weigh In On Medtronic

Hedge funds have recently added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new position in Medtronic in the third quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the third quarter valued at $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the third quarter valued at $27,000. J. Stern & Co. LLP acquired a new position in shares of Medtronic during the 3rd quarter worth $30,000. Finally, Chelsea Counsel Co. purchased a new stake in shares of Medtronic in the 3rd quarter worth about $45,000. Institutional investors and hedge funds 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.