Medtronic (NYSE:MDT) Shares Down 0.7% – Here’s Why

Medtronic plc (NYSE:MDT) dropped 0.7% during mid-day trading on Monday . The stock traded as low as $80.44 and last traded at $80.46. Approximately 1,039,900 shares were traded during trading, a decline of 83% from the average daily volume of 6,250,425 shares. The stock had previously closed at $81.03.

Wall Street Analyst Weigh In

Several research firms recently commented on MDT. JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Citigroup increased their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Price Performance

The stock has a 50-day moving average of $86.56 and a two-hundred day moving average of $84.97. The firm has a market cap of $104.56 billion, a price-to-earnings ratio of 24.94, a price-to-earnings-growth ratio of 2.33 and a beta of 0.82. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the firm posted $1.25 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, 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. Investors of record on Friday, December 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.43%. The ex-dividend date is Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently bought and sold shares of the business. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the third quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. J. Stern & Co. LLP purchased a new position in shares of Medtronic during the 3rd quarter valued at $30,000. Finally, Chelsea Counsel Co. acquired a new position in shares of Medtronic in the third quarter worth $45,000. Hedge funds and other institutional investors 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.