Medtronic (NYSE:MDT) Stock Price Down 0.8% – Time to Sell?

Medtronic plc (NYSE:MDT) was down 0.8% during mid-day trading on Tuesday . The stock traded as low as $93.52 and last traded at $93.58. Approximately 2,315,882 shares changed hands during trading, a decline of 61% from the average daily volume of 6,007,923 shares. The stock had previously closed at $94.30.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MDT shares. Truist Financial dropped their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday. Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $96.07.

Medtronic Trading Down 1.3 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a 50 day moving average of $87.34 and a two-hundred day moving average of $87.57. The stock has a market cap of $119.40 billion, a PE ratio of 28.30, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.01%. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was 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 directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. Mainstream Capital Management LLC acquired a new position in Medtronic in the fourth quarter valued at approximately $26,000. J. Stern & Co. LLP acquired a new position in Medtronic in the third quarter valued at approximately $30,000. Rakuten Securities Inc. lifted its holdings in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares during the last quarter. Finally, Stephens Consulting LLC raised its position in Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.