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

Medtronic plc (NYSE:MDT)’s share price rose 0.7% during trading on Wednesday . The company traded as high as $91.84 and last traded at $91.57. Approximately 868,804 shares changed hands during trading, a decline of 88% from the average daily volume of 7,253,034 shares. The stock had previously closed at $90.97.

Analyst Ratings Changes

MDT has been the subject of a number of research reports. Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Robert W. Baird reduced their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Wells Fargo & Company reduced their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” 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 given a strong buy rating to the company. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

The firm has a 50-day moving average of $84.58 and a 200-day moving average of $86.24. 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 $117.91 billion, a price-to-earnings ratio of 28.12, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.25 earnings per share. As a group, sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.05%. Medtronic’s dividend payout ratio is currently 85.63%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the 3rd quarter worth about $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the third quarter worth $27,000. Stephens Consulting LLC boosted its stake in shares of Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares during the last quarter. Finally, J. Stern & Co. LLP purchased a new position in Medtronic in the 3rd quarter valued at about $30,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Company Profile

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.