Medtronic (NYSE:MDT) Trading Down 0.2% – Here’s Why

Shares of Medtronic plc (NYSE:MDT) traded down 0.2% on Thursday . The company traded as low as $91.13 and last traded at $91.50. 917,052 shares were traded during trading, a decline of 87% from the average session volume of 7,168,291 shares. The stock had previously closed at $91.69.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Robert W. Baird reduced their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Truist Financial cut their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Sanford C. Bernstein boosted their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

The firm has a market cap of $116.74 billion, a PE ratio of 27.86, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a 50 day simple moving average of $84.69 and a 200-day simple moving average of $86.28. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

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

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Trading of Medtronic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC bought a new position in Medtronic in the third quarter worth $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the third quarter worth $27,000. J. Stern & Co. LLP bought a new position in Medtronic in the third quarter worth $30,000. Finally, Stephens Consulting LLC raised its holdings in Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 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.