Medtronic (NYSE:MDT) Trading Up 0.1% – What’s Next?

Medtronic plc (NYSE:MDT)’s share price rose 0.1% during mid-day trading on Thursday . The company traded as high as $80.51 and last traded at $80.11. Approximately 1,653,246 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 6,229,970 shares. The stock had previously closed at $80.03.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MDT. Barclays lifted their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Up 0.4 %

The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market cap of $103.07 billion, a PE ratio of 24.58, a PEG ratio of 2.35 and a beta of 0.82. The company’s fifty day moving average is $87.24 and its 200-day moving average is $85.00.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.

Hedge Funds Weigh In On Medtronic

A number of institutional investors have recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic during the third quarter valued at about $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the third quarter valued at about $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic in the third quarter worth about $30,000. Finally, Chelsea Counsel Co. purchased a new stake in shares of Medtronic during the third quarter worth about $45,000. 82.06% of the stock is owned by institutional investors.

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.