Medtronic (NYSE:MDT) Trading Down 2.4%

Shares of Medtronic plc (NYSE:MDT) traded down 2.4% on Thursday . The company traded as low as $81.89 and last traded at $83.70. 3,678,365 shares were traded during trading, a decline of 40% from the average session volume of 6,085,603 shares. The stock had previously closed at $85.76.

Analysts Set New Price Targets

A number of research firms have recently commented on MDT. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research report on Friday. Truist Financial reduced their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday. Mizuho upped their price target on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday. Finally, UBS Group upped their price objective on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $94.45.

Medtronic Stock Performance

The company has a quick ratio of 1.71, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The firm has a market cap of $109.27 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.65 and a beta of 0.78. The business has a fifty day simple moving average of $82.81 and a 200-day simple moving average of $82.68.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. During the same period last year, the business earned $1.57 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.40%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is presently 100.36%.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the business’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 directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MDT. Achmea Investment Management B.V. grew its holdings in Medtronic by 4.9% during the 3rd quarter. Achmea Investment Management B.V. now owns 82,113 shares of the medical technology company’s stock valued at $6,434,000 after buying an additional 3,863 shares in the last quarter. Avantax Planning Partners Inc. boosted its holdings in shares of Medtronic by 3.1% during the 3rd quarter. Avantax Planning Partners Inc. now owns 6,322 shares of the medical technology company’s stock valued at $495,000 after purchasing an additional 193 shares during the last quarter. Lincoln National Corp grew its position in shares of Medtronic by 11.4% during the third quarter. Lincoln National Corp now owns 11,450 shares of the medical technology company’s stock valued at $897,000 after purchasing an additional 1,172 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC increased its holdings in shares of Medtronic by 7.2% in the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 6,709 shares of the medical technology company’s stock worth $526,000 after purchasing an additional 450 shares during the last quarter. Finally, Wrapmanager Inc. lifted its position in shares of Medtronic by 4.8% in the third quarter. Wrapmanager Inc. now owns 4,038 shares of the medical technology company’s stock worth $316,000 after buying an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

About Medtronic

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.