Medtronic (NYSE:MDT) Trading 0.7% Higher – Here’s What Happened

Medtronic plc (NYSE:MDT) shares were up 0.7% on Thursday . The company traded as high as $88.46 and last traded at $88.49. Approximately 1,128,121 shares were traded during trading, a decline of 85% from the average daily volume of 7,707,656 shares. The stock had previously closed at $87.84.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Barclays raised their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, 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 research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 0.9 %

The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a 50-day simple moving average of $83.75 and a 200-day simple moving average of $85.50. The firm has a market capitalization of $115.49 billion, a PE ratio of 27.54, a P/E/G ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its quarterly earnings results 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. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the prior year, the company posted $1.25 EPS. Medtronic’s revenue was up 5.2% compared to the same quarter last year. Analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Hedge funds have recently modified their holdings of the company. Public Sector Pension Investment Board lifted its holdings in Medtronic by 68.1% in the second quarter. Public Sector Pension Investment Board now owns 51,014 shares of the medical technology company’s stock worth $4,015,000 after buying an additional 20,660 shares during the period. Marshall Wace LLP boosted its position in shares of Medtronic by 1,192.9% during the second quarter. Marshall Wace LLP now owns 267,936 shares of the medical technology company’s stock valued at $21,089,000 after purchasing an additional 247,213 shares in the last quarter. AQR Capital Management LLC grew its stake in Medtronic by 7.3% in the second quarter. AQR Capital Management LLC now owns 1,445,131 shares of the medical technology company’s stock worth $113,486,000 after purchasing an additional 98,901 shares during the period. Daymark Wealth Partners LLC raised its holdings in Medtronic by 26.6% in the second quarter. Daymark Wealth Partners LLC now owns 41,566 shares of the medical technology company’s stock worth $3,272,000 after purchasing an additional 8,727 shares in the last quarter. Finally, MBB Public Markets I LLC lifted its position in Medtronic by 1,830.7% during the second quarter. MBB Public Markets I LLC now owns 93,869 shares of the medical technology company’s stock valued at $7,388,000 after buying an additional 89,007 shares during the period. 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.