Medtronic (NYSE:MDT) Stock Price Up 0.6% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) shot up 0.6% during mid-day trading on Wednesday . The stock traded as high as $92.98 and last traded at $92.53. 1,367,377 shares were traded during mid-day trading, a decline of 82% from the average session volume of 7,689,217 shares. The stock had previously closed at $91.98.

Analysts Set New Price Targets

A number of research firms have weighed in on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Truist Financial decreased their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Barclays raised their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Wells Fargo & Company decreased their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Down 1.2 %

The stock has a market capitalization of $116.52 billion, a PE ratio of 27.77, a PEG ratio of 2.59 and a beta of 0.83. The firm’s fifty day moving average is $84.29 and its 200-day moving average is $85.91. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

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 net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the prior year, the business posted $1.25 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities research analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. Medtronic’s dividend payout ratio is presently 85.63%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently made changes to their positions in the business. Fortitude Family Office LLC acquired a new stake in Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic during the 3rd quarter valued at $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic during the 3rd quarter valued at $30,000. Finally, Stephens Consulting LLC grew its holdings in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares in the last quarter. Hedge funds and other 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.