Medtronic (NYSE:MDT) Shares Up 0.5% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) were up 0.5% on Monday . The company traded as high as $90.71 and last traded at $90.46. Approximately 904,932 shares changed hands during trading, a decline of 87% from the average daily volume of 7,034,291 shares. The stock had previously closed at $90.01.

Wall Street Analyst Weigh In

MDT has been the topic of a number of research analyst reports. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Robert W. Baird cut their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Barclays lifted their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company cut their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Up 0.2 %

The firm has a fifty day moving average price of $85.04 and a 200 day moving average price of $86.65. The firm has a market capitalization of $117.14 billion, a price-to-earnings ratio of 27.94, a PEG ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic 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 transaction, the executive vice president now 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 through this link. 0.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently added to or reduced their stakes in MDT. Bryce Point Capital LLC bought a new stake in shares of Medtronic during the 4th quarter worth about $490,000. Huntington National Bank increased its stake in Medtronic by 2.7% in the 4th quarter. Huntington National Bank now owns 127,597 shares of the medical technology company’s stock worth $10,192,000 after purchasing an additional 3,412 shares in the last quarter. Columbia Asset Management acquired a new position in Medtronic in the 4th quarter worth approximately $4,284,000. Meeder Advisory Services Inc. boosted its position in Medtronic by 2.6% during the 4th quarter. Meeder Advisory Services Inc. now owns 18,604 shares of the medical technology company’s stock worth $1,486,000 after acquiring an additional 479 shares during the period. Finally, Knott David M Jr acquired a new position in shares of Medtronic in the fourth quarter worth $639,000. 82.06% of the stock is currently owned by 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.