Medtronic (NYSE:MDT) Shares Down 0.5% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) dropped 0.5% during trading on Monday . The company traded as low as $89.25 and last traded at $90.37. Approximately 1,586,038 shares traded hands during trading, a decline of 79% from the average daily volume of 7,449,508 shares. The stock had previously closed at $90.82.

Analyst Ratings Changes

MDT has been the subject of a number of recent analyst reports. Robert W. Baird cut their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Sanford C. Bernstein boosted their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company cut their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Up 0.7 %

The company has a market capitalization of $117.48 billion, a price-to-earnings ratio of 28.02, a PEG ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The firm’s 50 day simple moving average is $84.58 and its 200-day simple moving average is $86.24.

Medtronic (NYSE:MDT) last announced 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 firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.25 earnings per share. On average, sell-side analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is currently owned by company insiders.

Institutional Trading of Medtronic

A number of institutional investors and hedge funds have recently made changes to their positions in the company. SRS Capital Advisors Inc. raised its position in Medtronic by 69.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,400 shares of the medical technology company’s stock valued at $192,000 after purchasing an additional 980 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new position in Medtronic during the 4th quarter worth approximately $81,000. Smartleaf Asset Management LLC boosted its holdings in Medtronic by 9.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 15,021 shares of the medical technology company’s stock worth $1,196,000 after acquiring an additional 1,336 shares during the period. Maia Wealth LLC grew its position in Medtronic by 43.5% in the fourth quarter. Maia Wealth LLC now owns 3,340 shares of the medical technology company’s stock valued at $267,000 after acquiring an additional 1,013 shares in the last quarter. Finally, Cape Investment Advisory Inc. raised its stake in shares of Medtronic by 8.8% during the fourth quarter. Cape Investment Advisory Inc. now owns 3,528 shares of the medical technology company’s stock valued at $282,000 after purchasing an additional 286 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.