Medtronic (NYSE:MDT) Shares Down 0.3%

Medtronic plc (NYSE:MDT)’s share price dropped 0.3% during mid-day trading on Tuesday . The company traded as low as $79.76 and last traded at $80.65. Approximately 1,020,355 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 6,184,078 shares. The stock had previously closed at $80.86.

Analyst Ratings Changes

A number of analysts have recently weighed in on MDT shares. Oppenheimer upped their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Truist Financial upped their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Finally, Mizuho boosted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $94.91.

Medtronic Trading Down 0.8 %

The firm has a 50-day moving average price of $83.46 and a 200-day moving average price of $81.32. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $106.54 billion, a PE ratio of 25.59, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same period in the prior year, the firm earned $1.30 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts forecast that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MDT. Brookstone Capital Management increased its position in Medtronic by 17.7% during the 3rd quarter. Brookstone Capital Management now owns 74,541 shares of the medical technology company’s stock valued at $5,393,000 after purchasing an additional 11,230 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Medtronic by 7.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 737,937 shares of the medical technology company’s stock worth $57,825,000 after purchasing an additional 48,071 shares during the period. Sheets Smith Wealth Management lifted its position in Medtronic by 21.9% during the third quarter. Sheets Smith Wealth Management now owns 4,053 shares of the medical technology company’s stock valued at $318,000 after purchasing an additional 728 shares in the last quarter. Accurate Wealth Management LLC boosted its position in shares of Medtronic by 9.9% in the third quarter. Accurate Wealth Management LLC now owns 4,583 shares of the medical technology company’s stock worth $334,000 after purchasing an additional 413 shares during the period. Finally, Colton Groome Financial Advisors LLC raised its holdings in Medtronic by 28.2% during the third quarter. Colton Groome Financial Advisors LLC now owns 12,656 shares of the medical technology company’s stock valued at $992,000 after acquiring an additional 2,786 shares during the period. 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.