Medtronic (NYSE:MDT) Shares Down 0.8% – Here’s What Happened

Medtronic plc (NYSE:MDT) shares traded down 0.8% on Tuesday . The company traded as low as $88.49 and last traded at $89.12. 1,322,674 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 7,632,893 shares. The stock had previously closed at $89.86.

Wall Street Analyst Weigh In

Several research firms have recently commented on MDT. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. UBS Group increased their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Robert W. Baird upped their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Truist Financial cut 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $96.07.

Medtronic Price Performance

The company has a 50-day moving average of $91.02 and a 200 day moving average of $87.99. 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 firm has a market cap of $113.49 billion, a P/E ratio of 26.90, a P/E/G ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion during 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 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Medtronic

Several institutional investors have recently modified their holdings of the business. FMR LLC increased its position in shares of Medtronic by 21.0% in the 3rd quarter. FMR LLC now owns 1,839,569 shares of the medical technology company’s stock valued at $165,616,000 after buying an additional 319,256 shares in the last quarter. PDT Partners LLC bought a new position in shares of Medtronic during the 3rd quarter worth approximately $522,000. Edgestream Partners L.P. raised its holdings in shares of Medtronic by 682.9% in the third quarter. Edgestream Partners L.P. now owns 23,737 shares of the medical technology company’s stock valued at $2,137,000 after purchasing an additional 20,705 shares during the last quarter. True Wealth Design LLC lifted its position in shares of Medtronic by 1,793.3% in the third quarter. True Wealth Design LLC now owns 568 shares of the medical technology company’s stock worth $51,000 after purchasing an additional 538 shares in the last quarter. Finally, FSA Wealth Management LLC acquired a new position in Medtronic during the third quarter worth $72,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.