Medtronic (NYSE:MDT) Stock Price Down 0.3% – Should You Sell?

Shares of Medtronic plc (NYSE:MDT) were down 0.3% on Monday . The stock traded as low as $81.92 and last traded at $82.21. Approximately 961,526 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 6,216,522 shares. The stock had previously closed at $82.48.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MDT. Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Stifel Nicolaus increased their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Citigroup increased their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Truist Financial increased their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $95.27.

Medtronic Stock Performance

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 company’s 50-day moving average price is $87.66 and its two-hundred day moving average price is $85.03. The company has a market cap of $104.31 billion, a P/E ratio of 25.14, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the firm posted $1.25 EPS. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. Fortitude Family Office LLC acquired a new position in shares of Medtronic in the third quarter worth about $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the third quarter worth about $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the third quarter worth about $27,000. J. Stern & Co. LLP purchased a new stake in shares of Medtronic in the third quarter worth approximately $30,000. Finally, Chelsea Counsel Co. purchased a new stake in shares of Medtronic in the third quarter worth approximately $45,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.