Medtronic (NYSE:MDT) Stock Price Down 0.3%

Shares of Medtronic plc (NYSE:MDT) were down 0.3% on Wednesday . The company traded as low as $79.17 and last traded at $79.75. Approximately 7,012,073 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 6,631,626 shares. The stock had previously closed at $79.95.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MDT shares. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, June 5th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. UBS Group lifted their price target on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Truist Financial reduced their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Finally, Wells Fargo & Company lifted their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $93.00.

Medtronic Stock Up 0.5 %

The business has a 50-day moving average of $81.78 and a 200-day moving average of $83.46. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The stock has a market capitalization of $106.46 billion, a price-to-earnings ratio of 29.16, a P/E/G ratio of 2.32 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the company earned $1.57 EPS. On average, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s payout ratio is currently 100.36%.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. Norges Bank purchased a new position in shares of Medtronic in the 4th quarter valued at about $1,229,726,000. First Eagle Investment Management LLC boosted its stake in shares of Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after buying an additional 3,320,800 shares during the period. M&G Plc purchased a new position in shares of Medtronic in the 1st quarter valued at about $259,160,000. Capital Research Global Investors lifted its stake in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. 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.