Medtronic (NYSE:MDT) Stock Price Down 1.6% – Here’s What Happened

Medtronic plc (NYSE:MDT) fell 1.6% on Monday . The company traded as low as $79.29 and last traded at $79.44. 989,507 shares changed hands during trading, a decline of 84% from the average session volume of 6,218,628 shares. The stock had previously closed at $80.74.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MDT. Citigroup raised their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, Robert W. Baird cut their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

The stock has a fifty day moving average of $86.00 and a 200-day moving average of $84.94. 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 stock has a market capitalization of $102.20 billion, a PE ratio of 24.37, a price-to-earnings-growth ratio of 2.33 and a beta of 0.82.

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

Medtronic Announces Dividend

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 given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.51%. Medtronic’s dividend payout ratio is currently 85.63%.

Institutional Investors Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. Syntax Research Inc. lifted its holdings in shares of Medtronic by 593.6% in the 3rd quarter. Syntax Research Inc. now owns 6,319 shares of the medical technology company’s stock valued at $569,000 after purchasing an additional 5,408 shares during the last quarter. Brass Tax Wealth Management Inc. purchased a new stake in Medtronic in the third quarter valued at approximately $227,000. Copley Financial Group Inc. acquired a new stake in shares of Medtronic in the third quarter valued at approximately $694,000. Oddo BHF Asset Management Sas purchased a new position in shares of Medtronic during the third quarter worth approximately $415,000. Finally, Inspire Trust Co. N.A. increased its holdings in shares of Medtronic by 19.6% in the 3rd quarter. Inspire Trust Co. N.A. now owns 36,500 shares of the medical technology company’s stock valued at $3,286,000 after acquiring an additional 5,993 shares during the period. Institutional investors and hedge funds 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.