Medtronic (NYSE:MDT) Stock Price Up 0.3% – Time to Buy?

Medtronic plc (NYSE:MDT)’s stock price was up 0.3% during trading on Wednesday . The stock traded as high as $89.16 and last traded at $88.86. Approximately 1,397,368 shares changed hands during trading, a decline of 77% from the average daily volume of 6,096,536 shares. The stock had previously closed at $88.59.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MDT. Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird upped their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $96.07.

Medtronic Trading Down 0.0 %

The firm’s 50 day simple moving average is $90.90 and its 200-day simple moving average is $88.04. The company has a market capitalization of $113.61 billion, a PE ratio of 26.92, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. As a group, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s payout ratio is currently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Copley Financial Group Inc. bought a new stake in Medtronic in the third quarter worth $694,000. Franklin Street Advisors Inc. NC boosted its stake in shares of Medtronic by 32.6% during the 4th 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. Y Intercept Hong Kong Ltd increased its holdings in shares of Medtronic by 322.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after acquiring an additional 56,178 shares during the last quarter. Olstein Capital Management L.P. raised its stake in shares of Medtronic by 8.0% in the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Czech National Bank lifted its holdings in Medtronic by 6.4% in the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock worth $22,212,000 after purchasing an additional 16,786 shares during 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.