Medtronic (NYSE:MDT) Stock Price Down 0.5%

Medtronic plc (NYSE:MDT) shares traded down 0.5% during mid-day trading on Monday . The stock traded as low as $81.30 and last traded at $81.30. 890,397 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 6,166,283 shares. The stock had previously closed at $81.69.

Wall Street Analysts Forecast Growth

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

Medtronic Price Performance

The business has a 50-day simple moving average of $83.08 and a 200 day simple moving average of $81.56. The stock has a market cap of $108.57 billion, a P/E ratio of 25.89, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. During the same quarter in the previous year, the company posted $1.30 EPS. The business’s revenue was up 4.7% on a year-over-year basis. On average, analysts forecast that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.38%. Medtronic’s dividend payout ratio is currently 87.90%.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently added to or reduced their stakes in the company. CFO4Life Group LLC grew its stake in Medtronic by 41.0% in the first quarter. CFO4Life Group LLC now owns 4,135 shares of the medical technology company’s stock valued at $360,000 after acquiring an additional 1,203 shares during the period. OLD Second National Bank of Aurora grew its stake in Medtronic by 3.9% in the first quarter. OLD Second National Bank of Aurora now owns 37,369 shares of the medical technology company’s stock valued at $3,257,000 after acquiring an additional 1,411 shares during the period. Ballast Inc. grew its stake in Medtronic by 19.4% in the first quarter. Ballast Inc. now owns 8,454 shares of the medical technology company’s stock valued at $737,000 after acquiring an additional 1,375 shares during the period. Kades & Cheifetz LLC grew its stake in Medtronic by 11.7% in the first quarter. Kades & Cheifetz LLC now owns 9,337 shares of the medical technology company’s stock valued at $814,000 after acquiring an additional 980 shares during the period. Finally, Advisory Services Network LLC grew its stake in Medtronic by 16.9% in the first quarter. Advisory Services Network LLC now owns 80,197 shares of the medical technology company’s stock valued at $6,989,000 after acquiring an additional 11,569 shares during the period. 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.