Medtronic (NYSE:MDT) Trading Up 0.8% – Here’s Why

Medtronic plc (NYSE:MDT)’s stock price traded up 0.8% during mid-day trading on Friday . The stock traded as high as $93.21 and last traded at $93.07. 1,086,625 shares changed hands during trading, a decline of 82% from the average session volume of 6,042,686 shares. The stock had previously closed at $92.33.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Truist Financial dropped their price objective 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. Finally, Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $96.07.

Medtronic Stock Performance

The stock has a market capitalization of $119.50 billion, a price-to-earnings ratio of 28.32, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock’s 50-day simple moving average is $89.36 and its 200 day simple moving average is $87.94.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a dividend of $0.70 per share. 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 3.01%. Medtronic’s payout ratio is 85.11%.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly 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 filing with the SEC, which is available at this link. 0.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Medtronic

Institutional investors and hedge funds have recently modified their holdings of the business. Darwin Wealth Management LLC bought a new stake in shares of Medtronic during the third quarter worth approximately $27,000. Mainstream Capital Management LLC bought a new stake in shares of Medtronic during the fourth quarter worth approximately $26,000. J. Stern & Co. LLP bought a new stake in shares of Medtronic during the third quarter worth approximately $30,000. Rakuten Securities Inc. raised its stake in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the last quarter. Finally, Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the fourth quarter worth approximately $27,000. 82.06% of the stock is owned by institutional investors.

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.