Medtronic (NYSE:MDT) Shares Down 2.4%

Medtronic plc (NYSE:MDT)’s stock price was down 2.4% on Thursday . The company traded as low as $81.89 and last traded at $83.70. Approximately 3,678,365 shares were traded during trading, a decline of 40% from the average daily volume of 6,085,603 shares. The stock had previously closed at $85.76.

Analyst Upgrades and Downgrades

MDT has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Truist Financial raised their price target on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Oppenheimer increased their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Finally, Mizuho lifted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $94.91.

Medtronic Trading Down 5.1 %

The firm’s fifty day simple moving average is $82.90 and its 200 day simple moving average is $82.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The stock has a market capitalization of $108.06 billion, a P/E ratio of 26.12, a price-to-earnings-growth ratio of 2.78 and a beta of 0.78.

Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The firm had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the company earned $1.57 earnings per share. As a group, equities research analysts forecast that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.44%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Activity at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Medtronic

Institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC boosted its holdings in Medtronic by 7.3% during the 3rd quarter. Signaturefd LLC now owns 15,600 shares of the medical technology company’s stock worth $1,222,000 after acquiring an additional 1,061 shares during the last quarter. Aspire Private Capital LLC boosted its stake in shares of Medtronic by 22.1% in the 3rd quarter. Aspire Private Capital LLC now owns 1,590 shares of the medical technology company’s stock worth $125,000 after buying an additional 288 shares during the last quarter. Regent Peak Wealth Advisors LLC boosted its stake in shares of Medtronic by 1.5% in the 3rd quarter. Regent Peak Wealth Advisors LLC now owns 25,287 shares of the medical technology company’s stock worth $1,981,000 after buying an additional 370 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Medtronic during the third quarter valued at approximately $3,128,000. Finally, Pinnacle Financial Partners Inc lifted its holdings in Medtronic by 0.8% during the third quarter. Pinnacle Financial Partners Inc now owns 288,804 shares of the medical technology company’s stock worth $22,631,000 after acquiring an additional 2,335 shares during the period. 82.06% of the stock is currently owned by institutional investors.

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.