Medtronic (NYSE:MDT) Trading 0.7% Higher – Here’s Why

Medtronic plc (NYSE:MDT) shot up 0.7% during trading on Monday . The stock traded as high as $96.25 and last traded at $95.17. 2,642,905 shares were traded during trading, a decline of 56% from the average session volume of 6,019,869 shares. The stock had previously closed at $94.50.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of analyst reports. Wells Fargo & Company dropped their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. JPMorgan Chase & Co. reduced their price target 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. Sanford C. Bernstein lifted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued 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, Medtronic currently has an average rating of “Hold” and a consensus target price of $96.07.

Medtronic Trading Down 0.4 %

The company has a market cap of $119.85 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company’s 50 day moving average price is $88.89 and its 200 day moving average price is $87.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. 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 14.07% and a net margin of 12.83%. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.00%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Medtronic

Hedge funds have recently bought and sold shares of the company. CWA Asset Management Group LLC bought a new position in Medtronic in the 3rd quarter worth approximately $418,000. Baker Avenue Asset Management LP grew its stake in shares of Medtronic by 12.4% in the third quarter. Baker Avenue Asset Management LP now owns 4,084 shares of the medical technology company’s stock worth $368,000 after acquiring an additional 450 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in Medtronic during the third quarter worth $123,000. Patten & Patten Inc. TN raised its stake in Medtronic by 24.0% during the 3rd quarter. Patten & Patten Inc. TN now owns 8,939 shares of the medical technology company’s stock valued at $805,000 after purchasing an additional 1,731 shares during the last quarter. Finally, GDS Wealth Management acquired a new position in Medtronic during the 3rd quarter valued at $272,000. 82.06% of the stock is currently owned by institutional investors.

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.