Medtronic (NYSE:MDT) Stock Price Down 0.5% – Here’s What Happened

Medtronic plc (NYSE:MDT)’s stock price was down 0.5% during mid-day trading on Friday . The stock traded as low as $81.88 and last traded at $82.31. Approximately 909,712 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 6,224,465 shares. The stock had previously closed at $82.73.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MDT shares. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus price target of $95.27.

Medtronic Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a market capitalization of $105.67 billion, a PE ratio of 25.17, a P/E/G ratio of 2.35 and a beta of 0.82. The business’s 50 day moving average is $87.77 and its two-hundred day moving average is $84.99.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the firm posted $1.25 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. As a group, research analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.40%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently bought and sold shares of the stock. Olstein Capital Management L.P. boosted its holdings in shares of Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the period. Y Intercept Hong Kong Ltd grew its position in Medtronic by 322.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after purchasing an additional 56,178 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new stake in Medtronic during the 3rd quarter valued at $9,486,000. Harvest Portfolios Group Inc. lifted its holdings in shares of Medtronic by 6.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after buying an additional 42,112 shares during the period. Finally, Soltis Investment Advisors LLC boosted its stake in shares of Medtronic by 30.0% in the 3rd quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock worth $7,933,000 after buying an additional 20,352 shares during the last quarter. 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.