Medtronic (NYSE:MDT) Stock Price Up 0.7% – What’s Next?

Medtronic plc (NYSE:MDT) shares rose 0.7% on Wednesday . The stock traded as high as $91.84 and last traded at $91.57. Approximately 868,804 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 7,253,034 shares. The stock had previously closed at $90.97.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MDT. Sanford C. Bernstein upped their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Robert W. Baird dropped their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Wells Fargo & Company dropped their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Price Performance

The business’s fifty day moving average price is $84.78 and its 200-day moving average price is $86.31. The company has a market capitalization of $115.42 billion, a P/E ratio of 27.53, a P/E/G ratio of 2.57 and a beta of 0.84. 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 (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s payout ratio is 85.63%.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently bought and sold shares of the stock. PFG Advisors increased its position in shares of Medtronic by 8.4% in the fourth quarter. PFG Advisors now owns 2,673 shares of the medical technology company’s stock valued at $214,000 after acquiring an additional 208 shares during the period. Moors & Cabot Inc. increased its holdings in Medtronic by 1.9% during the 4th quarter. Moors & Cabot Inc. now owns 66,481 shares of the medical technology company’s stock valued at $5,310,000 after purchasing an additional 1,220 shares during the period. Natural Investments LLC bought a new position in Medtronic during the 4th quarter valued at approximately $291,000. AGF Management Ltd. bought a new stake in shares of Medtronic in the 4th quarter worth approximately $335,000. Finally, Endowment Wealth Management Inc. increased its stake in shares of Medtronic by 15.6% during the fourth quarter. Endowment Wealth Management Inc. now owns 2,773 shares of the medical technology company’s stock valued at $222,000 after buying an additional 375 shares during the period. 82.06% of the stock is 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.