Medtronic (NYSE:MDT) Shares Up 0.9% – Time to Buy?

Medtronic plc (NYSE:MDT)’s share price shot up 0.9% during trading on Tuesday . The company traded as high as $85.31 and last traded at $83.86. 2,129,720 shares changed hands during trading, a decline of 68% from the average session volume of 6,614,994 shares. The stock had previously closed at $83.15.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MDT shares. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Robert W. Baird increased their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic 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 issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $96.07.

Medtronic Stock Down 1.0 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The company has a market capitalization of $105.61 billion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The firm’s 50-day simple moving average is $90.68 and its two-hundred day simple moving average is $87.89.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s payout ratio is currently 85.11%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 40,979 shares of the company’s stock, 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 SEC, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

Institutional Trading of Medtronic

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mainstream Capital Management LLC purchased a new stake in Medtronic in the 4th quarter valued at about $26,000. Rakuten Securities Inc. grew its holdings in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares during the period. Wood Tarver Financial Group LLC acquired a new position in Medtronic during the fourth quarter worth approximately $27,000. Stephens Consulting LLC raised its stake in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 204 shares during the period. Finally, Optiver Holding B.V. acquired a new position in shares of Medtronic in the 4th quarter valued at $31,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

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.