Medtronic (NYSE:MDT) Trading 0.1% Higher – Time to Buy?

Shares of Medtronic plc (NYSE:MDT) rose 0.1% on Thursday . The company traded as high as $83.25 and last traded at $83.04. Approximately 1,394,625 shares were traded during trading, a decline of 78% from the average daily volume of 6,230,028 shares. The stock had previously closed at $82.92.

Analyst Ratings Changes

MDT has been the subject of a number of recent research reports. Piper Sandler boosted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Robert W. Baird dropped their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Barclays raised their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $95.27.

Medtronic Trading Down 0.3 %

The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average is $87.87 and its 200-day moving average is $85.00. The company has a market cap of $106.01 billion, a PE ratio of 25.39, a P/E/G ratio of 2.38 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the firm posted $1.25 EPS. The business’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.39%. The ex-dividend date is Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Hedge Funds Weigh In On Medtronic

Several hedge funds have recently added to or reduced their stakes in the company. Olstein Capital Management L.P. increased its stake in Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the period. Y Intercept Hong Kong Ltd grew its holdings in shares of Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after purchasing an additional 56,178 shares during the last quarter. Ferguson Wellman Capital Management Inc. purchased a new position in Medtronic in the 3rd quarter worth about $9,486,000. Harvest Portfolios Group Inc. lifted its holdings in Medtronic by 6.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after buying an additional 42,112 shares in the last quarter. Finally, Soltis Investment Advisors LLC boosted its position in Medtronic by 30.0% in the 3rd quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock valued at $7,933,000 after buying an additional 20,352 shares during the period. 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.