Medtronic (NYSE:MDT) Trading 0.2% Higher – Here’s Why

Medtronic plc (NYSE:MDT) rose 0.2% during mid-day trading on Friday . The company traded as high as $88.69 and last traded at $88.29. Approximately 1,363,249 shares changed hands during trading, a decline of 78% from the average daily volume of 6,171,756 shares. The stock had previously closed at $88.12.

Wall Street Analysts Forecast Growth

MDT has been the subject of several analyst reports. Robert W. Baird upped their price objective on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial upped their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One research 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 company’s stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

The firm has a market cap of $112.50 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 2.58 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average price of $89.68 and a 200 day moving average price of $84.46.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the business earned $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.19%. Medtronic’s dividend payout ratio (DPR) is currently 94.59%.

Institutional Trading of Medtronic

Institutional investors and hedge funds have recently modified their holdings of the business. M&G Plc acquired a new position in shares of Medtronic during the 1st quarter worth approximately $259,160,000. Capital Research Global Investors raised its holdings in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after acquiring an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd purchased a new stake in Medtronic during the 2nd quarter worth about $85,440,000. 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.