Medtronic (NYSE:MDT) Trading Up 0% – Here’s What Happened

Medtronic plc (NYSE:MDT) shares traded up 0% during mid-day trading on Friday . The company traded as high as $81.27 and last traded at $80.92. 690,091 shares changed hands during trading, a decline of 89% from the average session volume of 6,227,130 shares. The stock had previously closed at $80.90.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MDT shares. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Wells Fargo & Company lowered their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

The company has a market cap of $103.28 billion, a price-to-earnings ratio of 24.63, a PEG ratio of 2.33 and a beta of 0.82. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a 50 day simple moving average of $86.23 and a 200 day simple moving average of $84.92.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.25 earnings per share. As a group, analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders 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 annualized dividend and a dividend yield of 3.48%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Institutional Investors Weigh In On Medtronic

Several large investors have recently made changes to their positions in MDT. Syntax Research Inc. boosted its holdings in Medtronic by 593.6% in the 3rd quarter. Syntax Research Inc. now owns 6,319 shares of the medical technology company’s stock valued at $569,000 after purchasing an additional 5,408 shares during the period. Brass Tax Wealth Management Inc. bought a new position in Medtronic in the 3rd quarter valued at $227,000. Copley Financial Group Inc. acquired a new position in Medtronic during the 3rd quarter worth about $694,000. Oddo BHF Asset Management Sas bought a new stake in shares of Medtronic during the third quarter valued at approximately $415,000. Finally, Inspire Trust Co. N.A. increased its stake in shares of Medtronic by 19.6% in the 3rd quarter. Inspire Trust Co. N.A. now owns 36,500 shares of the medical technology company’s stock valued at $3,286,000 after buying an additional 5,993 shares during the period. 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.