Medtronic (NYSE:MDT) Stock Price Down 0.9% – Here’s What Happened

Medtronic plc (NYSE:MDT) shares traded down 0.9% during trading on Tuesday . The company traded as low as $82.88 and last traded at $83.20. 966,821 shares traded hands during trading, a decline of 84% from the average session volume of 6,233,079 shares. The stock had previously closed at $83.96.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Sanford C. Bernstein upped their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Citigroup upped their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Piper Sandler upped their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $95.27.

Medtronic Trading Down 0.3 %

The company has a market cap of $107.33 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82. The stock has a 50-day moving average of $88.13 and a two-hundred day moving average of $85.01. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 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 analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.25 EPS. On average, equities research analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Institutional Trading of Medtronic

Institutional investors and hedge funds have recently modified their holdings of the business. Dynamic Advisor Solutions LLC boosted its stake in shares of Medtronic by 9.0% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 33,565 shares of the medical technology company’s stock worth $2,642,000 after buying an additional 2,783 shares during the last quarter. Wedmont Private Capital boosted its stake in shares of Medtronic by 14.3% in the 2nd quarter. Wedmont Private Capital now owns 4,341 shares of the medical technology company’s stock worth $338,000 after buying an additional 543 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Medtronic by 6.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after buying an additional 21,995 shares during the last quarter. TRUE Private Wealth Advisors boosted its stake in shares of Medtronic by 3.5% in the 2nd quarter. TRUE Private Wealth Advisors now owns 4,061 shares of the medical technology company’s stock worth $320,000 after buying an additional 136 shares during the last quarter. Finally, ORG Partners LLC purchased a new position in shares of Medtronic in the 2nd quarter worth $309,000. 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.