Medtronic (NYSE:MDT) Trading 0.6% Higher – Here’s Why

Medtronic plc (NYSE:MDT) shares were up 0.6% during mid-day trading on Tuesday . The stock traded as high as $82.29 and last traded at $81.81. Approximately 1,467,031 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 6,219,232 shares. The stock had previously closed at $81.35.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MDT. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Robert W. Baird decreased their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. One equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Down 0.0 %

The firm’s fifty day simple moving average is $87.24 and its two-hundred day simple moving average is $85.00. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $102.57 billion, a price-to-earnings ratio of 24.46, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 earnings per share. Sell-side analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The company 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 dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently added to or reduced their stakes in the business. Clear Harbor Asset Management LLC increased its position in Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares in the last quarter. Guardian Wealth Management Inc. boosted its stake in shares of Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after acquiring an additional 115 shares during the last quarter. First PREMIER Bank increased its position in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after purchasing an additional 116 shares in the last quarter. First City Capital Management Inc. lifted its holdings in Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after purchasing an additional 116 shares in the last quarter. Finally, Hardy Reed LLC lifted its holdings in Medtronic by 4.4% in the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after purchasing an additional 116 shares in 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.