Medtronic (NYSE:MDT) Shares Down 0.9% – Should You Sell?

Medtronic plc (NYSE:MDT) fell 0.9% during trading on Friday . The stock traded as low as $89.63 and last traded at $90.37. 2,365,229 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 6,065,762 shares. The stock had previously closed at $91.22.

Analyst Ratings Changes

Several brokerages have issued reports on MDT. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Finally, Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Trading Down 0.8 %

The company’s 50 day simple moving average is $90.47 and its two-hundred day simple moving average is $88.06. The company has a market cap of $116.11 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insider Buying and Selling at Medtronic

In other 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 value of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after purchasing an additional 754,395 shares during the period. State Street Corp grew its position in shares of Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after buying an additional 520,027 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock valued at $2,155,085,000 after acquiring an additional 574,055 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in Medtronic by 2.1% in the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock valued at $1,473,278,000 after purchasing an additional 372,168 shares during the last quarter. Institutional investors and hedge funds 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.