Medtronic (NYSE:MDT) Trading Up 0% – Here’s What Happened

Medtronic plc (NYSE:MDT) traded up 0% during mid-day trading on Tuesday . The stock traded as high as $90.90 and last traded at $90.56. 901,314 shares traded hands during trading, a decline of 88% from the average session volume of 7,341,353 shares. The stock had previously closed at $90.53.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on MDT shares. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Sanford C. Bernstein increased their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Price Performance

The stock has a market cap of $116.50 billion, a P/E ratio of 27.78, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a 50-day moving average price of $84.69 and a 200-day moving average price of $86.28.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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 the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 earnings per share. On average, analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Large investors have recently modified their holdings of the stock. Fortitude Family Office LLC purchased a new stake in Medtronic in the third quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the 3rd quarter valued at $27,000. Mainstream Capital Management LLC purchased a new position in shares of Medtronic in the 4th quarter worth $26,000. Finally, J. Stern & Co. LLP bought a new stake in shares of Medtronic in the third quarter worth $30,000. Hedge funds and other 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.