Medtronic (NYSE:MDT) Stock Price Down 1% – What’s Next?

Medtronic plc (NYSE:MDT)’s stock price dropped 1% on Wednesday . The stock traded as low as $91.25 and last traded at $91.31. Approximately 2,783,527 shares were traded during trading, a decline of 54% from the average daily volume of 6,023,485 shares. The stock had previously closed at $92.21.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Robert W. Baird lifted their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. UBS Group upped their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $96.07.

Medtronic Trading Down 0.8 %

The company has a market cap of $116.91 billion, a PE ratio of 27.71, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average of $90.47 and a two-hundred day moving average of $88.06.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. As a group, sell-side analysts predict 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. Stockholders of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is presently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mainstream Capital Management LLC bought a new position in shares of Medtronic in the 4th quarter worth $26,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the 3rd quarter worth about $27,000. Stephens Consulting LLC increased its position in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares during the last quarter. Rakuten Securities Inc. raised its holdings in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares in the last quarter. Finally, Wood Tarver Financial Group LLC bought a new stake in Medtronic in the 4th quarter worth approximately $27,000. 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.