Medtronic (NYSE:MDT) Trading 0% Higher After Strong Earnings

Medtronic plc (NYSE:MDT)’s share price rose 0% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $86.86 and last traded at $86.11. Approximately 2,200,731 shares were traded during trading, a decline of 70% from the average daily volume of 7,303,514 shares. The stock had previously closed at $86.07.

The medical technology company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.25%. Medtronic’s payout ratio is currently 85.63%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MDT shares. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday. UBS Group lifted their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a report on Wednesday. Finally, Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $95.20.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Medtronic

Several large investors have recently modified their holdings of the stock. OLD National Bancorp IN grew its holdings in Medtronic by 12.7% during the third quarter. OLD National Bancorp IN now owns 10,938 shares of the medical technology company’s stock worth $985,000 after acquiring an additional 1,230 shares during the period. Trilogy Capital Inc. boosted its position in shares of Medtronic by 4.9% in the third quarter. Trilogy Capital Inc. now owns 4,082 shares of the medical technology company’s stock worth $368,000 after buying an additional 192 shares during the period. Waterway Wealth Management LLC grew its holdings in shares of Medtronic by 62.8% during the third quarter. Waterway Wealth Management LLC now owns 4,493 shares of the medical technology company’s stock valued at $404,000 after buying an additional 1,734 shares in the last quarter. Precision Wealth Strategies LLC raised its position in Medtronic by 3.3% during the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after buying an additional 118 shares during the period. Finally, Telos Capital Management Inc. lifted its stake in Medtronic by 2.0% in the 3rd quarter. Telos Capital Management Inc. now owns 123,358 shares of the medical technology company’s stock worth $11,106,000 after acquiring an additional 2,402 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

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 stock has a 50-day simple moving average of $85.74 and a 200 day simple moving average of $87.02. The stock has a market capitalization of $110.40 billion, a price-to-earnings ratio of 26.33, a price-to-earnings-growth ratio of 2.63 and a beta of 0.84.

Medtronic Company Profile

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.