Medtronic (NYSE:MDT) Trading Up 2.2% – Still a Buy?

Medtronic plc (NYSE:MDT) shares were up 2.2% on Friday . The stock traded as high as $91.15 and last traded at $89.85. Approximately 3,184,950 shares changed hands during trading, a decline of 57% from the average daily volume of 7,341,306 shares. The stock had previously closed at $87.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MDT shares. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research report on Wednesday. Finally, JPMorgan Chase & Co. cut their target price 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Up 2.3 %

The company’s 50 day moving average price is $86.08 and its two-hundred day moving average price is $87.14. The firm has a market cap of $115.34 billion, a PE ratio of 27.34, a PEG ratio of 2.22 and a beta of 0.84. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share 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 business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. On average, equities research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Ascent Group LLC increased its holdings in Medtronic by 52.9% in the 4th quarter. Ascent Group LLC now owns 8,083 shares of the medical technology company’s stock valued at $646,000 after acquiring an additional 2,797 shares during the last quarter. Aurdan Capital Management LLC bought a new stake in Medtronic in the 4th quarter valued at $3,222,000. Perennial Advisors LLC bought a new stake in Medtronic in the 4th quarter valued at $4,817,000. Vermillion Wealth Management Inc. bought a new stake in Medtronic in the 4th quarter valued at $324,000. Finally, Mackenzie Financial Corp increased its holdings in Medtronic by 8.5% in the 4th quarter. Mackenzie Financial Corp now owns 751,758 shares of the medical technology company’s stock valued at $60,050,000 after acquiring an additional 58,796 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.