Medtronic (NYSE:MDT) Shares Up 1.4% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) rose 1.4% during mid-day trading on Monday . The stock traded as high as $91.65 and last traded at $91.44. Approximately 2,111,220 shares traded hands during trading, a decline of 72% from the average daily volume of 7,619,816 shares. The stock had previously closed at $90.19.

Analysts Set New Price Targets

A number of research firms recently commented on MDT. Wells Fargo & Company lowered their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 2.0 %

The stock has a market cap of $117.97 billion, a PE ratio of 28.09, a PEG ratio of 2.49 and a beta of 0.83. 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 fifty day simple moving average of $83.75 and a two-hundred day simple moving average of $85.62.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.04%. Medtronic’s dividend payout ratio is presently 85.63%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Trading of Medtronic

Institutional investors have recently added to or reduced their stakes in the business. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the third quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic during the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the 3rd quarter valued at approximately $27,000. Stephens Consulting LLC lifted its holdings in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares during the period. Finally, J. Stern & Co. LLP bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $30,000. 82.06% of the stock is currently owned by hedge funds and other 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.