Medtronic (NYSE:MDT) Trading 0.5% Higher – What’s Next?

Shares of Medtronic plc (NYSE:MDT) traded up 0.5% on Friday . The company traded as high as $80.52 and last traded at $80.35. 1,600,939 shares were traded during trading, a decline of 74% from the average session volume of 6,234,354 shares. The stock had previously closed at $79.99.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MDT. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Citigroup boosted their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Evercore ISI increased 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. Finally, JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 1.3 %

The business’s fifty day moving average price is $86.90 and its 200 day moving average price is $84.97. 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 firm has a market capitalization of $103.90 billion, a PE ratio of 24.78, a PEG ratio of 2.35 and a beta of 0.82.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.46%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Institutional Trading of Medtronic

Several large investors have recently modified their holdings of MDT. Tempus Wealth Planning LLC acquired a new stake in shares of Medtronic in the second quarter valued at approximately $219,000. First Heartland Consultants Inc. grew its position in shares of Medtronic by 15.4% in the second quarter. First Heartland Consultants Inc. now owns 5,209 shares of the medical technology company’s stock valued at $410,000 after purchasing an additional 697 shares during the last quarter. Catalyst Financial Partners LLC grew its position in shares of Medtronic by 6.9% in the second quarter. Catalyst Financial Partners LLC now owns 4,348 shares of the medical technology company’s stock valued at $342,000 after purchasing an additional 279 shares during the last quarter. Callan Family Office LLC acquired a new stake in shares of Medtronic in the second quarter valued at approximately $229,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Medtronic by 3.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 917,920 shares of the medical technology company’s stock valued at $72,250,000 after purchasing an additional 30,310 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.