Medtronic (NYSE:MDT) Stock Price Down 0.5% – What’s Next?

Shares of Medtronic plc (NYSE:MDT) traded down 0.5% during mid-day trading on Thursday . The company traded as low as $90.29 and last traded at $91.42. 2,181,214 shares were traded during mid-day trading, a decline of 64% from the average session volume of 6,042,669 shares. The stock had previously closed at $91.87.

Analysts Set New Price Targets

MDT has been the topic of several research reports. UBS Group lifted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Robert W. Baird raised their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Price Performance

The firm has a market cap of $115.90 billion, a P/E ratio of 27.47, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The business has a 50-day simple moving average of $90.67 and a 200 day simple moving average of $88.08. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. On average, analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. Medtronic’s dividend payout ratio is currently 85.11%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction 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 sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Institutional Trading of Medtronic

A number of large investors have recently made changes to their positions in the stock. Copley Financial Group Inc. purchased a new stake in shares of Medtronic in the 3rd quarter worth $694,000. Franklin Street Advisors Inc. NC boosted its holdings in Medtronic by 32.6% in the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after buying an additional 18,057 shares during the period. Y Intercept Hong Kong Ltd raised its holdings in Medtronic by 322.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after acquiring an additional 56,178 shares during the period. Olstein Capital Management L.P. raised its stake in Medtronic by 8.0% during the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after purchasing an additional 7,000 shares during the period. Finally, Czech National Bank lifted its holdings in Medtronic by 6.4% in the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock worth $22,212,000 after purchasing an additional 16,786 shares in the last quarter. 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.