Medtronic (NYSE:MDT) Trading 1.2% Higher – What’s Next?

Medtronic plc (NYSE:MDT) shares were up 1.2% during mid-day trading on Monday . The company traded as high as $88.63 and last traded at $88.23. Approximately 9,577,939 shares were traded during mid-day trading, an increase of 77% from the average daily volume of 5,401,241 shares. The stock had previously closed at $87.16.

Wall Street Analyst Weigh In

MDT has been the subject of a number of research analyst reports. Sanford C. Bernstein lifted their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Barclays boosted their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Finally, Evercore ISI increased 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The stock has a market capitalization of $113.13 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83. The company has a 50-day simple moving average of $83.64 and a two-hundred day simple moving average of $85.21.

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, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.25 EPS. On average, equities research analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic’s dividend payout ratio is presently 85.63%.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Medtronic

Several large investors have recently bought and sold shares of MDT. Fortitude Family Office LLC bought a new stake in Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter worth $27,000. J. Stern & Co. LLP acquired a new stake in shares of Medtronic in the third quarter valued at $30,000. Finally, Kieckhefer Group LLC bought a new position in Medtronic during the fourth quarter valued at about $40,000. 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.