Medtronic (NYSE:MDT) Shares Down 2.2% – Here’s What Happened

Medtronic plc (NYSE:MDT)’s stock price was down 2.2% during trading on Wednesday . The company traded as low as $90.35 and last traded at $91.22. Approximately 1,668,857 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 6,038,087 shares. The stock had previously closed at $93.28.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Sanford C. Bernstein upped their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Finally, Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $96.07.

Medtronic Stock Down 1.6 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market cap of $117.72 billion, a price-to-earnings ratio of 27.90, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The firm’s 50-day moving average price is $88.89 and its 200-day moving average price is $87.88.

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

Medtronic Dividend Announcement

The business also recently disclosed 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by company insiders.

Institutional Trading of Medtronic

Hedge funds have recently modified their holdings of the company. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic in the third quarter valued at about $27,000. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the 4th quarter worth approximately $26,000. J. Stern & Co. LLP acquired a new stake in shares of Medtronic during the 3rd quarter worth approximately $30,000. Rakuten Securities Inc. lifted its position in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 294 shares in the last quarter. Finally, Wood Tarver Financial Group LLC acquired a new position in Medtronic in the 4th quarter valued at $27,000. 82.06% of the stock is owned by hedge funds and other 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.