Medtronic (NYSE:MDT) Shares Up 3.6% – Here’s Why

Medtronic plc (NYSE:MDT) shares shot up 3.6% on Thursday . The stock traded as high as $83.22 and last traded at $82.73. 11,153,724 shares traded hands during trading, an increase of 50% from the average session volume of 7,426,297 shares. The stock had previously closed at $79.87.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MDT shares. Sanford C. Bernstein raised their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company decreased 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. 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 stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

The stock has a market capitalization of $103.38 billion, a PE ratio of 24.65, a P/E/G ratio of 2.33 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm’s 50 day moving average is $83.99 and its two-hundred day moving average is $84.88.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.47%. Medtronic’s dividend payout ratio is currently 85.63%.

Insiders Place Their Bets

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 stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly 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 the SEC website. 0.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently bought and sold shares of the business. Fortitude Family Office LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the 3rd quarter worth about $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic in the 3rd quarter worth $30,000. Finally, Chelsea Counsel Co. bought a new position in Medtronic during the third quarter valued at about $45,000. Institutional investors 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.