Medtronic (NYSE:MDT) Trading Up 0.7% After Earnings Beat

Medtronic plc (NYSE:MDT) rose 0.7% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $82.10 and last traded at $81.92. Approximately 1,828,899 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 6,114,602 shares. The stock had previously closed at $81.38.

The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the business earned $1.57 EPS. The company’s revenue for the quarter was up .5% compared to the same quarter last year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio is presently 87.90%.

Analysts Set New Price Targets

MDT has been the subject of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday. UBS Group increased their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday. Wells Fargo & Company increased their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday. Oppenheimer increased their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Finally, Mizuho increased their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $94.45.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’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 transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MDT. Norges Bank bought a new position in shares of Medtronic in the 4th quarter worth approximately $1,229,726,000. First Eagle Investment Management LLC raised its position in shares of Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after acquiring an additional 3,320,800 shares in the last quarter. Pzena Investment Management LLC increased its position in Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after buying an additional 3,037,394 shares in the last quarter. M&G Plc bought a new position in Medtronic during the 1st quarter valued at approximately $259,160,000. Finally, Capital Research Global Investors increased its position in Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 1.0 %

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 company has a market cap of $109.15 billion, a P/E ratio of 26.09, a price-to-earnings-growth ratio of 2.79 and a beta of 0.78. The stock has a 50-day moving average of $82.84 and a two-hundred day moving average of $82.62.

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.