Medtronic (NYSE:MDT) Shares Down 0.1% on Analyst Downgrade

Medtronic plc (NYSE:MDT) shares were down 0.1% during mid-day trading on Wednesday after Truist Financial lowered their price target on the stock from $93.00 to $89.00. Truist Financial currently has a hold rating on the stock. Medtronic traded as low as $81.00 and last traded at $81.29. Approximately 1,300,163 shares traded hands during trading, a decline of 79% from the average daily volume of 6,225,602 shares. The stock had previously closed at $81.37.

A number of other equities research analysts have also issued reports on MDT. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Robert W. Baird decreased their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Wells Fargo & Company dropped their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Evercore ISI boosted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Sanford C. Bernstein upped their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.00.

Institutional Investors Weigh In On Medtronic

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDT. Copley Financial Group Inc. acquired a new stake in shares of Medtronic in the third quarter worth $694,000. Olstein Capital Management L.P. increased its holdings in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the period. Y Intercept Hong Kong Ltd lifted its stake in shares of Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after buying an additional 56,178 shares during the period. Ferguson Wellman Capital Management Inc. bought a new position in Medtronic during the third quarter valued at about $9,486,000. Finally, Soltis Investment Advisors LLC lifted its position in shares of Medtronic by 30.0% in the 3rd quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock worth $7,933,000 after acquiring an additional 20,352 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

The company has a fifty day moving average price of $87.41 and a two-hundred day moving average price of $85.04. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a market cap of $104.29 billion, a price-to-earnings ratio of 24.86, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the business earned $1.25 earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities research analysts anticipate that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.44%. Medtronic’s dividend payout ratio (DPR) is 85.63%.

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.