Medtronic (NYSE:MDT) Shares Down 1.4% Following Analyst Downgrade

Shares of Medtronic plc (NYSE:MDT) fell 1.4% during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $93.00 to $90.00. Truist Financial currently has a hold rating on the stock. Medtronic traded as low as $81.18 and last traded at $81.37. 1,419,737 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 6,652,403 shares. The stock had previously closed at $82.54.

Several other brokerages have also issued reports on MDT. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group boosted their target price on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Robert W. Baird lifted their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned 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.com, the stock has an average rating of “Hold” and a consensus price target of $96.14.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Medtronic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Copley Financial Group Inc. purchased a new position in shares of Medtronic during the 3rd quarter valued at $694,000. Franklin Street Advisors Inc. NC lifted its position in shares of Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock valued at $5,873,000 after acquiring an additional 18,057 shares in the last quarter. Olstein Capital Management L.P. boosted its stake in shares of Medtronic by 8.0% in the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock worth $7,509,000 after acquiring an additional 7,000 shares during the period. Czech National Bank grew its position in shares of Medtronic by 6.4% during the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock worth $22,212,000 after purchasing an additional 16,786 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in Medtronic by 2.7% during the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock valued at $8,453,000 after purchasing an additional 2,778 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.2 %

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 market capitalization of $106.05 billion, a PE ratio of 25.13, a PEG ratio of 2.22 and a beta of 0.79. The stock has a fifty day moving average of $89.71 and a 200 day moving average of $87.65.

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is presently 85.11%.

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.