Medtronic (NYSE:MDT) Shares Up 0.3% – Here’s What Happened

Medtronic plc (NYSE:MDT)’s share price was up 0.3% during mid-day trading on Tuesday . The stock traded as high as $80.23 and last traded at $79.84. Approximately 880,980 shares were traded during trading, a decline of 86% from the average daily volume of 6,214,068 shares. The stock had previously closed at $79.61.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MDT shares. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Citigroup increased their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. dropped 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 0.3 %

The business has a 50-day moving average of $85.30 and a 200-day moving average of $84.88. 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 cap of $102.43 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 2.33 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for 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 business’s revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $1.25 earnings per share. As a group, research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio is 85.63%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Clear Harbor Asset Management LLC boosted its holdings in shares of Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares during the period. Guardian Wealth Management Inc. increased its position in shares of Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after buying an additional 115 shares during the period. First PREMIER Bank raised its position in shares of Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares in the last quarter. First City Capital Management Inc. lifted its stake in shares of Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after purchasing an additional 116 shares during the period. Finally, Hardy Reed LLC boosted its position in shares of Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after purchasing an additional 116 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.