Medtronic (NYSE:MDT) Shares Down 0.3% – Here’s Why

Shares of Medtronic plc (NYSE:MDT) traded down 0.3% during trading on Wednesday . The company traded as low as $89.91 and last traded at $90.91. 1,087,391 shares were traded during mid-day trading, a decline of 84% from the average session volume of 6,948,129 shares. The stock had previously closed at $91.20.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MDT shares. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Truist Financial cut their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Finally, Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

The company has a market capitalization of $117.19 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The business’s fifty day moving average is $85.04 and its two-hundred day moving average is $86.65.

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

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction 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 transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after purchasing an additional 754,395 shares during the period. State Street Corp raised its position in shares of Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after buying an additional 520,027 shares during the last quarter. Norges Bank bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic during the fourth quarter worth $852,732,000. Finally, First Eagle Investment Management LLC grew its stake in Medtronic by 0.3% during the fourth quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company’s stock valued at $782,201,000 after acquiring an additional 28,910 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.