Medtronic (NYSE:MDT) Trading 0.3% Higher – Here’s What Happened

Medtronic plc (NYSE:MDT)’s stock price traded up 0.3% on Friday . The stock traded as high as $80.78 and last traded at $80.49. 794,938 shares traded hands during trading, a decline of 74% from the average session volume of 3,115,600 shares. The stock had previously closed at $80.22.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. Sanford C. Bernstein raised their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Wells Fargo & Company dropped their price target 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. Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. 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. Finally, Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. 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 given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 0.5 %

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 firm’s 50 day moving average price is $85.08 and its two-hundred day moving average price is $84.85. The company has a market cap of $103.35 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 2.33 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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the prior year, the company earned $1.25 earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. Equities research analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.47%. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares during the period. Bank of Montreal Can increased its position in Medtronic by 65.0% in the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after buying an additional 1,790,483 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares during the period. Janus Henderson Group PLC lifted its holdings in Medtronic by 58.4% during the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after purchasing an additional 1,420,263 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its position in Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

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.