Medtronic (NYSE:MDT) Shares Down 1.9% – Should You Sell?

Medtronic plc (NYSE:MDT) dropped 1.9% on Thursday . The stock traded as low as $87.70 and last traded at $88.36. Approximately 1,208,922 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 6,166,849 shares. The stock had previously closed at $90.11.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Oppenheimer increased their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Stifel Nicolaus raised their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Piper Sandler upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Performance

The stock has a 50 day moving average price of $89.69 and a two-hundred day moving average price of $84.38. The company has a market cap of $113.04 billion, a P/E ratio of 29.79, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. On average, research analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.18%. Medtronic’s dividend payout ratio is presently 94.59%.

Institutional Investors Weigh In On Medtronic

Large investors have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the 3rd quarter valued at about $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic in the 2nd quarter valued at approximately $28,000. Gleason Group Inc. bought a new stake in shares of Medtronic during the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth approximately $43,000. Institutional investors and hedge funds 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.