Medtronic (NYSE:MDT) Trading Up 1.2% – Here’s Why

Shares of Medtronic plc (NYSE:MDT) were up 1.2% during mid-day trading on Monday . The company traded as high as $88.63 and last traded at $88.23. Approximately 9,577,939 shares traded hands during trading, an increase of 77% from the average daily volume of 5,401,241 shares. The stock had previously closed at $87.16.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Evercore ISI raised 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. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Citigroup raised their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Trading Up 1.2 %

The business has a 50 day simple moving average of $83.64 and a 200-day simple moving average of $85.21. 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 stock has a market capitalization of $113.13 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83.

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

Medtronic Announces Dividend

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

Insider Activity at Medtronic

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

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the 3rd quarter worth $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic in the 3rd quarter valued at about $27,000. J. Stern & Co. LLP purchased a new position in Medtronic in the 3rd quarter valued at about $30,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Medtronic during the fourth quarter valued at about $40,000. 82.06% of the stock is 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.