Medtronic (NYSE:MDT) Trading Up 0.6% – Time to Buy?

Shares of Medtronic plc (NYSE:MDT) were up 0.6% during trading on Wednesday . The stock traded as high as $92.98 and last traded at $92.53. Approximately 1,367,377 shares traded hands during trading, a decline of 82% from the average daily volume of 7,689,217 shares. The stock had previously closed at $91.98.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MDT shares. Sanford C. Bernstein upped their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Citigroup upped their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. 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. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Robert W. Baird reduced their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Trading Up 0.1 %

The company has a 50-day moving average of $83.99 and a 200 day moving average of $85.83. 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 company has a market cap of $118.06 billion, a PE ratio of 28.16, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on 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 sale, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Signet Investment Advisory Group Inc. grew its stake in Medtronic by 2.8% in the 4th quarter. Signet Investment Advisory Group Inc. now owns 21,977 shares of the medical technology company’s stock worth $1,756,000 after acquiring an additional 600 shares in the last quarter. Leavell Investment Management Inc. boosted its holdings in shares of Medtronic by 4.4% in the fourth quarter. Leavell Investment Management Inc. now owns 5,331 shares of the medical technology company’s stock valued at $430,000 after purchasing an additional 226 shares during the period. Portfolio Design Labs LLC grew its stake in Medtronic by 67.4% in the fourth quarter. Portfolio Design Labs LLC now owns 4,422 shares of the medical technology company’s stock worth $353,000 after purchasing an additional 1,781 shares in the last quarter. Sovran Advisors LLC purchased a new position in Medtronic during the 4th quarter worth $415,000. Finally, Strengthening Families & Communities LLC raised its position in Medtronic by 8.6% during the 4th quarter. Strengthening Families & Communities LLC now owns 23,118 shares of the medical technology company’s stock valued at $1,847,000 after purchasing an additional 1,833 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.