Medtronic (NYSE:MDT) Stock Price Down 2.4%

Medtronic plc (NYSE:MDT)’s stock price was down 2.4% on Thursday . The stock traded as low as $81.89 and last traded at $83.70. Approximately 3,678,365 shares changed hands during trading, a decline of 40% from the average daily volume of 6,085,603 shares. The stock had previously closed at $85.76.

Analyst Upgrades and Downgrades

MDT has been the subject of several recent analyst reports. Wells Fargo & Company increased their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday. Oppenheimer boosted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. UBS Group raised their target price on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday. Mizuho boosted their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Truist Financial decreased their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday. One research 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’s stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $94.45.

Medtronic Stock Up 1.1 %

The firm has a 50-day simple moving average of $82.81 and a two-hundred day simple moving average of $82.68. The stock has a market cap of $109.27 billion, a P/E ratio of 29.92, a PEG ratio of 2.65 and a beta of 0.78. The company has a current ratio of 2.03, a quick ratio of 1.71 and a debt-to-equity ratio of 0.47.

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

Medtronic Increases Dividend

The firm also recently disclosed 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 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 Buying and Selling

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated 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 $2,321,684.50. The transaction was disclosed in a 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

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fortitude Family Office LLC acquired a new position in Medtronic in the fourth quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. grew its stake in shares of 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 worth $26,000 after acquiring an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new stake in Medtronic in the 4th quarter worth about $27,000. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic during the first quarter valued at approximately $27,000. Finally, Financial Gravity Asset Management Inc. grew its stake 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. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.