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

Medtronic plc (NYSE:MDT)’s share price was up 1.4% 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.

Analyst Ratings Changes

MDT has been the subject of a number of analyst reports. Wells Fargo & Company cut their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Truist Financial reduced their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Robert W. Baird lowered their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Citigroup upped their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

The stock’s 50-day moving average is $83.99 and its 200-day moving average is $85.83. 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 stock has a market cap of $117.34 billion, a price-to-earnings ratio of 27.98, a P/E/G ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS 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%. During the same quarter last year, the firm posted $1.25 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by corporate insiders.

Institutional Trading of Medtronic

Institutional investors and hedge funds have recently bought and sold shares of the company. Sawgrass Asset Management LLC boosted its holdings in shares of Medtronic by 27.3% in the 4th quarter. Sawgrass Asset Management LLC now owns 14,851 shares of the medical technology company’s stock valued at $1,186,000 after buying an additional 3,184 shares during the period. Two Point Capital Management Inc. lifted its holdings in Medtronic by 0.5% in the fourth quarter. Two Point Capital Management Inc. now owns 92,159 shares of the medical technology company’s stock worth $8,145,000 after acquiring an additional 437 shares during the last quarter. Van ECK Associates Corp boosted its stake in Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after acquiring an additional 2,476,935 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Medtronic by 1.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,061,405 shares of the medical technology company’s stock valued at $85,134,000 after purchasing an additional 18,900 shares during the last quarter. Finally, Marks Group Wealth Management Inc raised its position in shares of Medtronic by 1.0% during the 4th quarter. Marks Group Wealth Management Inc now owns 34,612 shares of the medical technology company’s stock worth $2,765,000 after purchasing an additional 349 shares during the period. 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.