Medtronic (NYSE:MDT) Trading Down 5.2% – Here’s What Happened

Medtronic PLC (NYSE:MDT)’s share price dropped 5.2% on Tuesday . The stock traded as low as $78.97 and last traded at $79.2330. Approximately 2,674,931 shares were traded during trading, a decline of 71% from the average session volume of 9,229,465 shares. The stock had previously closed at $83.57.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MDT shares. Royal Bank Of Canada reiterated an “outperform” rating and issued a $118.00 target price on shares of Medtronic in a report on Thursday, June 4th. Mizuho cut their target price on shares of Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 3rd. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Rothschild & Co Redburn cut their price objective on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a report on Friday, June 5th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $88.00 target price on shares of Medtronic in a research report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and a consensus price target of $98.21.

Medtronic Stock Up 1.5%

The company has a market capitalization of $103.07 billion, a price-to-earnings ratio of 21.59, a PEG ratio of 2.13 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The business’s 50 day moving average is $79.25 and its 200 day moving average is $88.12.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. The business had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the company posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be issued a $0.72 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. This represents a $2.88 annualized dividend and a yield of 3.6%. Medtronic’s dividend payout ratio is currently 77.21%.

Insider Buying and Selling

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently added to or reduced their stakes in MDT. Lodestone Wealth Management LLC acquired a new position in shares of Medtronic in the 4th quarter valued at about $27,000. Anfield Capital Management LLC raised its position in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 230 shares in the last quarter. Monetary Solutions Ltd acquired a new stake in shares of Medtronic during the 4th quarter worth approximately $27,000. Board of the Pension Protection Fund purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $29,000. Finally, GoalVest Advisory LLC purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $29,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).