Medtronic Target of Unusually High Options Trading (NYSE:MDT)

Medtronic plc (NYSE:MDT) was the recipient of some unusual options trading activity on Tuesday. Investors bought 23,089 put options on the company. This is an increase of 110% compared to the average volume of 11,013 put options.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Robert W. Baird lowered their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Piper Sandler boosted their target price 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. Barclays increased their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Finally, Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.27.

Medtronic Price Performance

Shares of MDT traded up $0.29 during mid-day trading on Tuesday, reaching $81.64. The company had a trading volume of 2,754,503 shares, compared to its average volume of 6,225,103. The company has a market capitalization of $104.69 billion, a P/E ratio of 25.02, a P/E/G ratio of 2.35 and a beta of 0.82. The company’s 50-day moving average is $87.54 and its 200-day moving average is $85.04. Medtronic has a twelve month low of $75.96 and a twelve month high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

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

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Institutional Investors Weigh In On Medtronic

A number of large investors have recently bought and sold shares of the business. Fortitude Family Office LLC acquired a new stake in Medtronic in the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the third quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP bought a new position in Medtronic in the 3rd quarter worth approximately $30,000. Finally, Chelsea Counsel Co. acquired a new position in Medtronic during the 3rd quarter worth $45,000. 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.