Medtronic (NYSE:MDT) Shares Down 0.1% After Analyst Downgrade

Medtronic plc (NYSE:MDT) traded down 0.1% on Wednesday after Truist Financial lowered their price target on the stock from $93.00 to $89.00. Truist Financial currently has a hold rating on the stock. Medtronic traded as low as $81.00 and last traded at $81.29. 1,300,163 shares traded hands during trading, a decline of 79% from the average session volume of 6,225,602 shares. The stock had previously closed at $81.37.

MDT has been the subject of a number of other reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Piper Sandler upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Robert W. Baird decreased their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $95.00.

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in Medtronic during the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the third quarter worth $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the 3rd quarter worth $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic during the 3rd quarter worth about $30,000. Finally, Chelsea Counsel Co. acquired a new position in shares of Medtronic during the third quarter valued at about $45,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

The stock has a market cap of $102.62 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 2.35 and a beta of 0.82. The firm has a fifty day simple moving average of $87.24 and a 200 day simple moving average of $85.00. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, sell-side analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors 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 3.50%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

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.