Medtronic (NYSE:MDT) Trading 0.2% Higher – Time to Buy?

Medtronic plc (NYSE:MDT) shares traded up 0.2% during mid-day trading on Wednesday . The stock traded as high as $81.78 and last traded at $81.54. 2,465,929 shares changed hands during trading, a decline of 61% from the average session volume of 6,261,645 shares. The stock had previously closed at $81.40.

Analysts Set New Price Targets

A number of research firms recently commented on MDT. JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating 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 issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

The firm has a market capitalization of $104.63 billion, a PE ratio of 24.95, a P/E/G ratio of 2.33 and a beta of 0.82. The business has a 50-day simple moving average of $86.23 and a 200-day simple moving average of $84.92. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last released its quarterly 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%. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 EPS. Equities research analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.43%. Medtronic’s dividend payout ratio is presently 85.63%.

Institutional Trading of Medtronic

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

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.