Medtronic (NYSE:MDT) Shares Down 0.5% – Here’s Why

Medtronic plc (NYSE:MDT) shares traded down 0.5% during trading on Thursday . The company traded as low as $90.29 and last traded at $91.42. 2,181,214 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 6,042,669 shares. The stock had previously closed at $91.87.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MDT. Truist Financial lowered their price target 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 increased their target price on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $96.07.

Medtronic Price Performance

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 business has a fifty day moving average price of $90.30 and a 200 day moving average price of $88.04. The company has a market cap of $116.98 billion, a price-to-earnings ratio of 27.75, a PEG 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 the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. As a group, research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio is presently 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 on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the 4th quarter worth approximately $26,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. Stephens Consulting LLC boosted its holdings in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after buying an additional 204 shares in the last quarter. Rakuten Securities Inc. boosted its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares in the last quarter. Finally, Wood Tarver Financial Group LLC bought a new position in Medtronic in the fourth quarter worth approximately $27,000. 82.06% of the stock is owned by 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.