Medtronic (NYSE:MDT) Trading Up 1% – Here’s Why

Medtronic plc (NYSE:MDT)’s stock price rose 1% during mid-day trading on Wednesday . The company traded as high as $94.73 and last traded at $94.00. Approximately 1,346,140 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 6,011,482 shares. The stock had previously closed at $93.03.

Analyst Upgrades and Downgrades

Several analysts have commented on MDT shares. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Truist Financial decreased their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. JPMorgan Chase & Co. lowered their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Wells Fargo & Company dropped their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus price target of $96.07.

Medtronic Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a 50 day simple moving average of $87.57 and a two-hundred day simple moving average of $87.63. The company has a market cap of $120.58 billion, a price-to-earnings ratio of 28.57, 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. The firm had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.11%.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Medtronic

Several large investors have recently added to or reduced their stakes in MDT. Guardian Wealth Management Inc. grew its stake in shares of Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after acquiring an additional 115 shares in the last quarter. MONECO Advisors LLC increased its holdings in Medtronic by 1.8% in the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after buying an additional 115 shares during the last quarter. First City Capital Management Inc. raised its stake in Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after buying an additional 116 shares in the last quarter. Hardy Reed LLC lifted its holdings in Medtronic by 4.4% during the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after buying an additional 116 shares during the last quarter. Finally, OLD Second National Bank of Aurora boosted its position in shares of Medtronic by 0.3% during the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock worth $2,900,000 after acquiring an additional 121 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other 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.