Medtronic (NYSE:MDT) Stock Price Up 0.1% – What’s Next?

Medtronic plc (NYSE:MDT)’s stock price shot up 0.1% on Wednesday . The stock traded as high as $85.89 and last traded at $85.32. 3,133,041 shares were traded during mid-day trading, a decline of 58% from the average session volume of 7,448,987 shares. The stock had previously closed at $85.25.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MDT. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Evercore ISI upped their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Sanford C. Bernstein boosted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Citigroup raised their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company lowered their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 1.2 %

The business has a 50-day simple moving average of $83.63 and a 200-day simple moving average of $85.03. The company has a market cap of $113.13 billion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

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

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Medtronic

Several hedge funds have recently added to or reduced their stakes in MDT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after purchasing an additional 5,975,110 shares during the last quarter. Bank of Montreal Can increased its holdings in Medtronic by 65.0% in the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after buying an additional 1,790,483 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock worth $346,705,000 after buying an additional 1,420,263 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after acquiring an additional 1,284,002 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.