Medtronic (NYSE:MDT) Sees Strong Trading Volume

Medtronic plc (NYSE:MDT) shares saw unusually-high trading volume on Wednesday . Approximately 1,328,222 shares were traded during mid-day trading, a decline of 79% from the previous session’s volume of 6,268,635 shares.The stock last traded at $88.32 and had previously closed at $88.63.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Truist Financial upped their price target on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Stifel Nicolaus boosted their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird boosted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Stock Down 0.3 %

The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The business has a fifty day simple moving average of $84.10 and a two-hundred day simple moving average of $82.87. The company has a market capitalization of $113.34 billion, a price-to-earnings ratio of 32.23, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. Equities analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently modified their holdings of MDT. Gryphon Financial Partners LLC acquired a new position in Medtronic during the 4th quarter valued at about $220,000. Jump Financial LLC lifted its holdings in Medtronic by 109.2% in the fourth quarter. Jump Financial LLC now owns 6,256 shares of the medical technology company’s stock valued at $515,000 after buying an additional 3,266 shares during the period. Hillsdale Investment Management Inc. boosted its stake in Medtronic by 152.1% in the fourth quarter. Hillsdale Investment Management Inc. now owns 3,431 shares of the medical technology company’s stock valued at $283,000 after acquiring an additional 2,070 shares during the last quarter. Sachetta LLC acquired a new stake in Medtronic during the 4th quarter worth $90,000. Finally, D.A. Davidson & CO. raised its position in shares of Medtronic by 3.1% during the 4th quarter. D.A. Davidson & CO. now owns 163,400 shares of the medical technology company’s stock valued at $13,461,000 after acquiring an additional 4,904 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.