Medtronic (NYSE:MDT) Shares Down 1.5% After Insider Selling

Medtronic plc (NYSE:MDT) shares were down 1.5% during mid-day trading on Friday following insider selling activity. The company traded as low as $81.20 and last traded at $81.44. Approximately 1,844,192 shares traded hands during trading, a decline of 71% from the average daily volume of 6,456,499 shares. The stock had previously closed at $82.68.

Specifically, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

MDT has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Evercore ISI raised their target price on shares of 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 shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Medtronic presently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Price Performance

The company’s fifty day moving average is $83.99 and its two-hundred day moving average is $84.91. 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 has a market cap of $103.38 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.25 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Institutional Trading of Medtronic

A number of hedge funds have recently made changes to their positions in the company. Graypoint LLC increased its stake in Medtronic by 7.6% during the 4th quarter. Graypoint LLC now owns 6,934 shares of the medical technology company’s stock worth $554,000 after buying an additional 490 shares during the period. Lynch & Associates IN grew its stake in shares of Medtronic by 26.4% during the fourth quarter. Lynch & Associates IN now owns 9,259 shares of the medical technology company’s stock valued at $740,000 after acquiring an additional 1,935 shares in the last quarter. HBW Advisory Services LLC increased its position in shares of Medtronic by 0.9% during the fourth quarter. HBW Advisory Services LLC now owns 34,284 shares of the medical technology company’s stock worth $2,739,000 after acquiring an additional 299 shares during the last quarter. Franklin Street Advisors Inc. NC lifted its stake in shares of Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after acquiring an additional 18,057 shares in the last quarter. Finally, Hilltop National Bank grew its stake in Medtronic by 1.9% during the 4th quarter. Hilltop National Bank now owns 22,781 shares of the medical technology company’s stock valued at $1,820,000 after purchasing an additional 424 shares in the last quarter. 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.