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

Medtronic plc (NYSE:MDT) rose 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 changed hands during mid-day 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 equities analysts have weighed in on MDT shares. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Evercore ISI increased their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 0.3 %

The company’s 50-day simple moving average is $85.30 and its 200 day simple moving average is $84.88. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a market cap of $102.43 billion, a P/E ratio of 24.43, a price-to-earnings-growth ratio of 2.33 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period last year, the company earned $1.25 EPS. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company 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 $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a 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 the stock. Copley Financial Group Inc. acquired a new stake in Medtronic in the 3rd quarter valued at about $694,000. Olstein Capital Management L.P. increased its position in shares of Medtronic by 19.2% in the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after purchasing an additional 14,000 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in shares of Medtronic by 322.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after purchasing an additional 56,178 shares during the last quarter. Ferguson Wellman Capital Management Inc. purchased a new stake in shares of Medtronic during the 3rd quarter worth $9,486,000. Finally, Soltis Investment Advisors LLC lifted its holdings in Medtronic by 30.0% during the 3rd quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock worth $7,933,000 after buying an additional 20,352 shares during the last quarter. 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.