Medtronic (NYSE:MDT) Trading Down 0.7% – Here’s What Happened

Medtronic plc (NYSE:MDT) shares fell 0.7% on Friday . The stock traded as low as $90.69 and last traded at $91.35. 992,166 shares were traded during trading, a decline of 87% from the average session volume of 7,426,349 shares. The stock had previously closed at $91.99.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent research reports. JPMorgan Chase & Co. reduced 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. Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, Wells Fargo & Company cut their target price 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Down 0.9 %

The business’s 50 day simple moving average is $84.29 and its 200 day simple moving average is $85.91. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a market capitalization of $116.87 billion, a PE ratio of 27.86, a P/E/G ratio of 2.59 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.25 EPS. As a group, analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This 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 this hyperlink. 0.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. increased its position in shares of Medtronic by 12.1% during the fourth quarter. Atria Wealth Solutions Inc. now owns 105,758 shares of the medical technology company’s stock worth $8,502,000 after purchasing an additional 11,447 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in shares of Medtronic by 183.2% in the 4th quarter. Venturi Wealth Management LLC now owns 6,374 shares of the medical technology company’s stock valued at $509,000 after acquiring an additional 4,123 shares during the period. Empower Advisory Group LLC raised its position in Medtronic by 5.5% in the 4th quarter. Empower Advisory Group LLC now owns 4,447 shares of the medical technology company’s stock valued at $355,000 after purchasing an additional 231 shares during the last quarter. Truist Financial Corp boosted its stake in Medtronic by 37.1% during the 4th quarter. Truist Financial Corp now owns 1,156,370 shares of the medical technology company’s stock worth $92,371,000 after purchasing an additional 312,873 shares during the period. Finally, CIBC Asset Management Inc increased its stake in Medtronic by 1.6% in the fourth quarter. CIBC Asset Management Inc now owns 927,239 shares of the medical technology company’s stock valued at $74,068,000 after purchasing an additional 14,502 shares during the period. 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.