Medtronic (NYSE:MDT) Trading Down 0.3% – What’s Next?

Medtronic plc (NYSE:MDT) shares were down 0.3% during mid-day trading on Monday . The company traded as low as $81.92 and last traded at $82.21. Approximately 961,526 shares traded hands during trading, a decline of 85% from the average daily volume of 6,216,522 shares. The stock had previously closed at $82.48.

Analysts Set New Price Targets

Several analysts have recently commented on MDT shares. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. 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. Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Robert W. Baird dropped their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. decreased their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $95.27.

Medtronic Stock Up 0.0 %

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The business’s 50 day moving average price is $87.41 and its 200 day moving average price is $85.04. The firm has a market cap of $104.34 billion, a PE ratio of 24.88, a PEG ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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 company had revenue of $8.40 billion during 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 quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 EPS. On average, equities research analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Institutional Investors Weigh In On Medtronic

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDT. Harbour Trust & Investment Management Co lifted its stake in Medtronic by 14.5% in the 2nd quarter. Harbour Trust & Investment Management Co now owns 4,539 shares of the medical technology company’s stock worth $357,000 after purchasing an additional 576 shares in the last quarter. GYL Financial Synergies LLC lifted its position in Medtronic by 26.4% during the second quarter. GYL Financial Synergies LLC now owns 7,557 shares of the medical technology company’s stock worth $595,000 after buying an additional 1,579 shares in the last quarter. Tevis Investment Management boosted its stake in Medtronic by 3.7% during the second quarter. Tevis Investment Management now owns 38,162 shares of the medical technology company’s stock worth $3,030,000 after buying an additional 1,368 shares during the last quarter. &PARTNERS grew its holdings in Medtronic by 367.1% in the 2nd quarter. &PARTNERS now owns 50,651 shares of the medical technology company’s stock valued at $3,990,000 after buying an additional 39,808 shares in the last quarter. Finally, DT Investment Partners LLC increased its stake in shares of Medtronic by 1.1% in the 2nd quarter. DT Investment Partners LLC now owns 12,756 shares of the medical technology company’s stock worth $1,004,000 after acquiring an additional 142 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.