Medtronic (NYSE:MDT) Trading Down 0.9% – Should You Sell?

Medtronic plc (NYSE:MDT)’s stock price dropped 0.9% during mid-day trading on Friday . The company traded as low as $89.63 and last traded at $90.37. Approximately 2,365,229 shares changed hands during trading, a decline of 61% from the average daily volume of 6,065,762 shares. The stock had previously closed at $91.22.

Analyst Ratings Changes

A number of research firms have weighed in on MDT. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird increased their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Barclays increased their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. UBS Group increased their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm has a 50-day moving average of $90.67 and a 200-day moving average of $88.07. The stock has a market cap of $115.90 billion, a PE ratio of 27.47, a PEG ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is presently 85.11%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Medtronic

Several institutional investors have recently added to or reduced their stakes in MDT. Norges Bank purchased a new position in Medtronic during the 4th quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after purchasing an additional 5,975,110 shares during the last quarter. Beutel Goodman & Co Ltd. bought a new stake in shares of Medtronic in the 4th quarter valued at approximately $377,169,000. Finally, Van ECK Associates Corp lifted its stake in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after purchasing an additional 2,476,935 shares during the last quarter. Hedge funds and other institutional investors 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.