Medtronic Target of Unusually High Options Trading (NYSE:MDT)

Medtronic plc (NYSE:MDT) was the target of unusually large options trading on Tuesday. Stock investors acquired 23,089 put options on the stock. This is an increase of approximately 110% compared to the typical volume of 11,013 put options.

Hedge Funds Weigh In On Medtronic

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC lifted its stake in Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares during the last quarter. Guardian Wealth Management Inc. boosted its holdings in shares of Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after acquiring an additional 115 shares during the period. First PREMIER Bank grew its holdings in Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after buying an additional 116 shares in the last quarter. First City Capital Management Inc. boosted its holdings in shares of Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after acquiring an additional 116 shares in the last quarter. Finally, Hardy Reed LLC lifted its holdings in Medtronic by 4.4% in the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after acquiring an additional 116 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

MDT traded up $0.29 during trading on Tuesday, hitting $81.64. The company’s stock had a trading volume of 2,754,503 shares, compared to its average volume of 6,225,103. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic has a twelve month low of $75.96 and a twelve month high of $92.68. The business’s fifty day simple moving average is $87.54 and its 200 day simple moving average is $85.04. The firm has a market capitalization of $104.69 billion, a price-to-earnings ratio of 25.02, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.25 earnings per share. On average, equities research analysts forecast that Medtronic will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Robert W. Baird lowered their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Oppenheimer increased their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $95.27.

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.