Medtronic (NYSE:MDT) Shares Down 0.4%

Medtronic plc (NYSE:MDT)’s stock price fell 0.4% on Tuesday . The stock traded as low as $79.40 and last traded at $79.62. 1,251,628 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 6,207,881 shares. The stock had previously closed at $79.95.

Analysts Set New Price Targets

Several research firms have weighed in on MDT. The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Truist Financial lowered their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Mizuho raised their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. UBS Group raised their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Finally, Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $93.00.

Medtronic Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The stock has a market capitalization of $105.59 billion, a P/E ratio of 28.95, a price-to-earnings-growth ratio of 2.36 and a beta of 0.83. The stock has a 50-day moving average price of $81.95 and a two-hundred day moving average price of $83.51.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the company posted $1.57 earnings per share. The firm’s revenue was up .5% on a year-over-year basis. On average, research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.52%. Medtronic’s payout ratio is presently 100.36%.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MDT. Fortitude Family Office LLC purchased a new stake in Medtronic during the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic during the fourth quarter valued at $27,000. LifeSteps Financial Inc. purchased a new stake in Medtronic during the first quarter valued at $27,000. Finally, Financial Gravity Asset Management Inc. grew its holdings in Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.