Medtronic (NYSE:MDT) Trading Up 0.1% – What’s Next?

Medtronic plc (NYSE:MDT) was up 0.1% during trading on Monday . The company traded as high as $93.40 and last traded at $93.12. Approximately 1,402,366 shares changed hands during trading, a decline of 77% from the average daily volume of 5,996,077 shares. The stock had previously closed at $93.07.

Analysts Set New Price Targets

A number of analysts recently issued reports on MDT shares. Robert W. Baird increased their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Truist Financial decreased their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have given 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 stock has an average rating of “Hold” and an average price target of $96.07.

Medtronic Price Performance

The company has a market capitalization of $118.12 billion, a PE ratio of 27.99, a PEG ratio of 2.22 and a beta of 0.80. The firm has a fifty day moving average of $90.12 and a two-hundred day moving average of $88.02. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping 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 business had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s payout ratio is presently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s 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 transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cassaday & Co Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter worth $216,000. Caprock Group LLC increased its holdings in shares of Medtronic by 24.6% in the 3rd quarter. Caprock Group LLC now owns 42,404 shares of the medical technology company’s stock worth $3,847,000 after purchasing an additional 8,364 shares in the last quarter. OneAscent Financial Services LLC increased its holdings in shares of Medtronic by 15.4% in the 3rd quarter. OneAscent Financial Services LLC now owns 3,070 shares of the medical technology company’s stock worth $279,000 after purchasing an additional 410 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in shares of Medtronic by 47,752.1% in the 3rd quarter. Meeder Asset Management Inc. now owns 167,961 shares of the medical technology company’s stock worth $15,122,000 after purchasing an additional 167,610 shares in the last quarter. Finally, Verity & Verity LLC increased its holdings in shares of Medtronic by 3.7% in the 3rd quarter. Verity & Verity LLC now owns 176,098 shares of the medical technology company’s stock worth $15,854,000 after purchasing an additional 6,316 shares in the last quarter. 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.