Medtronic (NYSE:MDT) Hits New 1-Year High – Here’s What Happened

Medtronic plc (NYSE:MDT) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $95.57 and last traded at $96.02, with a volume of 277495 shares changing hands. The stock had previously closed at $94.50.

Analysts Set New Price Targets

Several equities research analysts have commented on MDT shares. Wells Fargo & Company decreased their target price 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. Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Robert W. Baird upped their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $96.07.

Medtronic Stock Down 0.4 %

The business has a 50 day moving average of $88.89 and a 200 day moving average of $87.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm has a market capitalization of $119.85 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MDT. Norges Bank bought a new position in shares of Medtronic during the 4th quarter worth approximately $1,163,580,000. Raymond James Financial Inc. acquired a new stake in Medtronic during the 4th quarter worth approximately $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Medtronic by 436.7% during 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 worth $661,125,000 after purchasing an additional 5,975,110 shares during the last quarter. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic during the 4th quarter worth approximately $377,169,000. Finally, Van ECK Associates Corp lifted its holdings in Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares during the last quarter. 82.06% of the stock is currently 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.