Medtronic (NYSE:MDT) Trading Down 0.3%

Medtronic plc (NYSE:MDT)’s share price dropped 0.3% during trading on Tuesday . The company traded as low as $79.76 and last traded at $80.65. Approximately 1,020,355 shares traded hands during trading, a decline of 84% from the average daily volume of 6,184,078 shares. The stock had previously closed at $80.86.

Analyst Ratings Changes

A number of research analysts have issued reports on MDT shares. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Mizuho lifted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Oppenheimer increased their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Finally, Truist Financial lifted their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $94.91.

Medtronic Stock Down 0.8 %

The stock has a fifty day moving average price of $83.46 and a two-hundred day moving average price of $81.32. The firm has a market capitalization of $106.54 billion, a P/E ratio of 25.59, a P/E/G ratio of 2.73 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same period in the prior year, the company earned $1.30 earnings per share. The firm’s revenue was up 4.7% compared to the same quarter last year. Research analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Insider Activity at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Sean Salmon sold 30,695 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brookstone Capital Management grew its holdings in Medtronic by 17.7% during the third quarter. Brookstone Capital Management now owns 74,541 shares of the medical technology company’s stock worth $5,393,000 after acquiring an additional 11,230 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Medtronic by 7.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 737,937 shares of the medical technology company’s stock valued at $57,825,000 after acquiring an additional 48,071 shares during the last quarter. Sheets Smith Wealth Management raised its position in shares of Medtronic by 21.9% during the third quarter. Sheets Smith Wealth Management now owns 4,053 shares of the medical technology company’s stock worth $318,000 after purchasing an additional 728 shares during the period. Accurate Wealth Management LLC boosted its holdings in shares of Medtronic by 9.9% in the third quarter. Accurate Wealth Management LLC now owns 4,583 shares of the medical technology company’s stock worth $334,000 after buying an additional 413 shares during the period. Finally, Colton Groome Financial Advisors LLC raised its holdings in shares of Medtronic by 28.2% during the third quarter. Colton Groome Financial Advisors LLC now owns 12,656 shares of the medical technology company’s stock valued at $992,000 after acquiring an additional 2,786 shares during the period. 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.