Medtronic (NYSE:MDT) Trading Up 1% – What’s Next?

Shares of Medtronic plc (NYSE:MDT) rose 1% on Tuesday . The company traded as high as $81.07 and last traded at $80.64. Approximately 1,700,037 shares changed hands during trading, a decline of 67% from the average daily volume of 5,075,351 shares. The stock had previously closed at $79.84.

Analyst Ratings Changes

MDT has been the subject of a number of recent research reports. Sanford C. Bernstein lifted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Robert W. Baird cut their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Barclays increased their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Performance

The company has a market cap of $106.08 billion, a PE ratio of 25.30, a P/E/G ratio of 2.33 and a beta of 0.83. 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 business’s fifty day moving average is $84.30 and its 200-day moving average is $84.90.

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

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.38%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio is 85.63%.

Institutional Trading of Medtronic

Several institutional investors have recently made changes to their positions in the business. Copley Financial Group Inc. purchased a new stake in Medtronic during the third quarter valued at approximately $694,000. Olstein Capital Management L.P. grew its stake in Medtronic by 19.2% in 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 acquiring an additional 14,000 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Medtronic by 322.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after purchasing an additional 56,178 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new position in shares of Medtronic during the third quarter valued at $9,486,000. Finally, Soltis Investment Advisors LLC raised its holdings 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 valued at $7,933,000 after purchasing an additional 20,352 shares in the last quarter. Hedge funds and other institutional investors 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.