Medtronic (NYSE:MDT) Stock Price Up 0% – Here’s Why

Shares of Medtronic plc (NYSE:MDT) were up 0% during mid-day trading on Tuesday . The company traded as high as $88.70 and last traded at $88.10. Approximately 1,514,745 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 7,875,320 shares. The stock had previously closed at $88.08.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Wells Fargo & Company reduced their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

The company has a market cap of $113.03 billion, a P/E ratio of 26.96, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average price of $83.64 and a 200-day moving average price of $85.29.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 EPS. On average, equities analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.18%. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC raised its holdings in Medtronic by 33.2% in the 4th quarter. Flagship Harbor Advisors LLC now owns 10,594 shares of the medical technology company’s stock worth $846,000 after purchasing an additional 2,638 shares in the last quarter. Insight Inv LLC grew its position in shares of Medtronic by 4.9% in the 4th quarter. Insight Inv LLC now owns 14,906 shares of the medical technology company’s stock worth $1,191,000 after buying an additional 698 shares during the period. Advocate Group LLC grew its position in shares of Medtronic by 4.8% in the 4th quarter. Advocate Group LLC now owns 106,776 shares of the medical technology company’s stock worth $8,529,000 after buying an additional 4,897 shares during the period. Vantage Wealth lifted its position in Medtronic by 9.1% during the 4th quarter. Vantage Wealth now owns 226,315 shares of the medical technology company’s stock valued at $18,078,000 after acquiring an additional 18,800 shares during the period. Finally, Toth Financial Advisory Corp lifted its holdings in shares of Medtronic by 9.1% during the fourth quarter. Toth Financial Advisory Corp now owns 59,878 shares of the medical technology company’s stock valued at $4,783,000 after purchasing an additional 5,015 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

About Medtronic

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.