Medtronic (NYSE:MDT) Stock Price Down 0.5% – Here’s Why

Medtronic plc (NYSE:MDT)’s stock price was down 0.5% on Monday . The stock traded as low as $89.25 and last traded at $90.37. Approximately 1,586,038 shares changed hands during trading, a decline of 79% from the average daily volume of 7,449,508 shares. The stock had previously closed at $90.82.

Analyst Ratings Changes

Several research firms have recently issued reports on MDT. JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Sanford C. Bernstein upped their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Barclays raised their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Robert W. Baird lowered their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a market cap of $116.64 billion, a P/E ratio of 27.87, a P/E/G ratio of 2.57 and a beta of 0.84. The business’s 50-day moving average price is $84.38 and its 200-day moving average price is $86.09.

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

Medtronic Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 3.08%. Medtronic’s payout ratio is currently 85.63%.

Insider Transactions at Medtronic

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

Institutional Trading of Medtronic

Hedge funds have recently bought and sold shares of the stock. Hudson Edge Investment Partners Inc. raised its holdings in Medtronic by 70.3% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 75,198 shares of the medical technology company’s stock valued at $6,007,000 after buying an additional 31,054 shares during the period. VisionPoint Advisory Group LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at $82,000. Crumly & Associates Inc. lifted its holdings in shares of Medtronic by 6.5% in the 4th quarter. Crumly & Associates Inc. now owns 6,533 shares of the medical technology company’s stock worth $522,000 after acquiring an additional 397 shares during the last quarter. Bradley Foster & Sargent Inc. CT boosted its stake in shares of Medtronic by 10.2% during the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 24,854 shares of the medical technology company’s stock worth $1,985,000 after purchasing an additional 2,294 shares during the period. Finally, Cassaday & Co Wealth Management LLC grew its holdings in Medtronic by 210.0% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 7,450 shares of the medical technology company’s stock valued at $595,000 after purchasing an additional 5,047 shares during the last quarter. Hedge funds and other institutional investors 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.