Medtronic (NYSE:MDT) Shares Gap Down to $85.76

Medtronic plc (NYSE:MDT) shares gapped down before the market opened on Thursday . The stock had previously closed at $85.76, but opened at $83.57. Medtronic shares last traded at $82.91, with a volume of 2,093,034 shares.

Wall Street Analysts Forecast Growth

MDT has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday. Mizuho increased their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Truist Financial dropped their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock 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 research note on Wednesday, February 21st. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $94.45.

Medtronic Trading Up 1.1 %

The business’s 50-day simple moving average is $82.81 and its 200-day simple moving average is $82.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.71 and a current ratio of 2.03. The company has a market capitalization of $109.25 billion, a price-to-earnings ratio of 29.92, a P/E/G ratio of 2.65 and a beta of 0.78.

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

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.40%. Medtronic’s dividend payout ratio (DPR) is 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 value 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Medtronic

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fortitude Family Office LLC acquired a new position in Medtronic during the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. grew its holdings in Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after buying an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic in the fourth quarter valued at about $27,000. LifeSteps Financial Inc. acquired a new position in shares of Medtronic in the first quarter valued at about $27,000. Finally, Financial Gravity Asset Management Inc. boosted its holdings in Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 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.