Medtronic (NYSE:MDT) Trading Up 0.5% After Dividend Announcement

Medtronic plc (NYSE:MDT) traded up 0.5% on Wednesday after the company announced a dividend. The stock traded as high as $85.74 and last traded at $85.57. 1,330,133 shares changed hands during trading, a decline of 78% from the average session volume of 6,037,833 shares. The stock had previously closed at $85.17.

The newly announced dividend which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday. Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note 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 note on Friday. Mizuho raised their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Truist Financial reduced their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $94.45.

Medtronic Trading Up 1.1 %

The firm’s 50 day moving average is $82.84 and its 200 day moving average is $82.62. The company has a market capitalization of $109.27 billion, a PE ratio of 26.05, a P/E/G ratio of 2.79 and a beta of 0.78. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the business earned $1.57 EPS. The company’s revenue for the quarter was up .5% on a year-over-year basis. As a group, equities analysts predict that Medtronic plc will post 5.2 EPS for the current year.

Insider Activity at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on 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 sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Medtronic during the fourth quarter worth $1,229,726,000. First Eagle Investment Management LLC lifted its holdings in shares of Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after acquiring an additional 3,320,800 shares during the last quarter. Pzena Investment Management LLC boosted its position in shares of Medtronic by 112.8% during the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after buying an additional 3,037,394 shares during the period. M&G Plc bought a new position in shares of Medtronic during the first quarter valued at approximately $259,160,000. Finally, Capital Research Global Investors raised its holdings in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. 82.06% of the stock is owned by hedge funds and other 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.