Medtronic plc (NYSE:MDT – Get Free Report) was the target of some unusual options trading activity on Tuesday. Traders acquired 23,089 put options on the stock. This represents an increase of approximately 110% compared to the average volume of 11,013 put options.
Institutional Trading of Medtronic
A number of institutional investors and hedge funds have recently modified their holdings of MDT. State Street Corp grew its position in shares of Medtronic by 0.9% during the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after buying an additional 520,027 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Medtronic by 3.3% during the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after purchasing an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Medtronic by 436.7% during 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 worth $661,125,000 after purchasing an additional 5,975,110 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after purchasing an additional 515,751 shares during the last quarter. Finally, Raymond James & Associates boosted its position in Medtronic by 2.3% during the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after purchasing an additional 145,504 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.
Medtronic Stock Performance
Shares of MDT stock opened at $80.03 on Thursday. The stock has a market capitalization of $102.62 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 2.35 and a beta of 0.82. Medtronic has a one year low of $75.96 and a one year high of $92.68. The company’s 50-day simple moving average is $87.24 and its 200-day simple moving average is $85.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.
Medtronic Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be paid 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 yield of 3.50%. Medtronic’s payout ratio is 85.63%.
Analysts Set New Price Targets
Several brokerages have recently weighed in on MDT. Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Sanford C. Bernstein upped their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Royal Bank of Canada raised shares of 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, Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.00.
Check Out Our Latest Analysis on MDT
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.
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