Medtronic (NYSE:MDT) Trading 3.4% Higher – Should You Buy?

Shares of Medtronic plc (NYSE:MDT) were up 3.4% during trading on Wednesday . The company traded as high as $82.86 and last traded at $82.56. Approximately 3,892,412 shares were traded during trading, a decline of 33% from the average daily volume of 5,826,884 shares. The stock had previously closed at $79.87.

Analyst Upgrades and Downgrades

MDT has been the topic of several analyst reports. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Robert W. Baird reduced their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Barclays raised their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

The company’s 50-day moving average is $84.46 and its two-hundred day moving average is $84.92. 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 company has a market cap of $106.22 billion, a P/E ratio of 25.33, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its quarterly 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 firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. Equities analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.38%. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC lifted its position in Medtronic by 1,240.9% in the 2nd quarter. Acadian Asset Management LLC now owns 38,484 shares of the medical technology company’s stock valued at $3,027,000 after acquiring an additional 35,614 shares in the last quarter. Certuity LLC purchased a new stake in shares of Medtronic during the second quarter valued at $271,000. Oak Thistle LLC purchased a new position in Medtronic in the 2nd quarter worth about $464,000. First Foundation Advisors lifted its stake in Medtronic by 2.4% during the 2nd quarter. First Foundation Advisors now owns 11,078 shares of the medical technology company’s stock valued at $872,000 after acquiring an additional 262 shares during the period. Finally, Prudential PLC boosted its holdings in shares of Medtronic by 17.6% during the 2nd quarter. Prudential PLC now owns 22,322 shares of the medical technology company’s stock valued at $1,757,000 after acquiring an additional 3,335 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Company Profile

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.