Medtronic (NYSE:MDT) Stock Price Down 0.3% – What’s Next?

Medtronic plc (NYSE:MDT) traded down 0.3% during mid-day trading on Wednesday . The stock traded as low as $89.22 and last traded at $89.42. 1,331,132 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 6,166,881 shares. The stock had previously closed at $89.68.

Wall Street Analyst Weigh In

MDT has been the topic of several research analyst reports. Citigroup lifted their price objective 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. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Stifel Nicolaus lifted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm’s 50 day moving average is $89.69 and its 200-day moving average is $84.38. The firm has a market cap of $115.54 billion, a price-to-earnings ratio of 30.44, a price-to-earnings-growth ratio of 2.55 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 EPS. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is 94.59%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Manning & Napier Advisors LLC acquired a new position in Medtronic during the 2nd quarter worth $25,643,000. SageView Advisory Group LLC raised its position in shares of Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock valued at $1,467,000 after buying an additional 9,523 shares during the last quarter. Empowered Funds LLC raised its position in shares of Medtronic by 174.9% during the first quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock valued at $6,528,000 after buying an additional 47,657 shares during the last quarter. National Bank of Canada FI raised its position in shares of Medtronic by 13.6% during the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock valued at $21,642,000 after buying an additional 31,195 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Medtronic by 6.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after buying an additional 21,995 shares during the last quarter. Institutional investors and hedge funds 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.