Medtronic (NYSE:MDT) Trading Up 2.2% – What’s Next?

Shares of Medtronic plc (NYSE:MDT) shot up 2.2% on Friday . The company traded as high as $91.15 and last traded at $89.85. 3,184,950 shares were traded during mid-day trading, a decline of 57% from the average session volume of 7,341,306 shares. The stock had previously closed at $87.94.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MDT. Robert W. Baird increased their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. dropped their price objective 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. UBS Group increased their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Finally, Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given 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 stock has an average rating of “Hold” and an average target price of $95.20.

Medtronic Price Performance

The company’s 50 day moving average price is $85.93 and its 200 day moving average price is $87.03. The company has a market cap of $114.83 billion, a price-to-earnings ratio of 27.21, a P/E/G ratio of 2.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.13%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insider Activity at Medtronic

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 value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Medtronic

Several hedge funds have recently made changes to their positions in MDT. Signaturefd LLC grew its stake in shares of Medtronic by 4.3% during the 3rd quarter. Signaturefd LLC now owns 13,332 shares of the medical technology company’s stock worth $1,200,000 after acquiring an additional 551 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in shares of Medtronic by 120.6% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 11,049 shares of the medical technology company’s stock valued at $995,000 after buying an additional 6,041 shares in the last quarter. Wallington Asset Management LLC grew its stake in shares of Medtronic by 5.3% in the third quarter. Wallington Asset Management LLC now owns 193,129 shares of the medical technology company’s stock valued at $17,387,000 after buying an additional 9,694 shares in the last quarter. Axecap Investments LLC bought a new position in shares of Medtronic in the third quarter valued at $470,000. Finally, International Assets Investment Management LLC grew its stake in shares of Medtronic by 8,908.6% in the third 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 buying an additional 1,284,002 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

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.