Medtronic (NYSE:MDT) Trading 4% Higher – Still a Buy?

Medtronic plc (NYSE:MDT) traded up 4% during mid-day trading on Tuesday . The stock traded as high as $85.29 and last traded at $85.07. 2,915,398 shares changed hands during trading, a decline of 56% from the average session volume of 6,649,315 shares. The stock had previously closed at $81.79.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Barclays lifted their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. JPMorgan Chase & Co. cut their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Finally, Evercore ISI upped their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. 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 MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 2.1 %

The company has a market cap of $111.80 billion, a PE ratio of 26.66, a P/E/G ratio of 2.28 and a beta of 0.83. The firm has a 50-day simple moving average of $83.65 and a two-hundred day simple moving average of $85.01. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate 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 firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 EPS. Research analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.21%. Medtronic’s payout ratio is currently 85.63%.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently bought and sold shares of MDT. One Capital Management LLC acquired a new position in Medtronic in the second quarter valued at $245,000. Citizens Financial Group Inc. RI raised its holdings in shares of Medtronic by 243.0% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 12,068 shares of the medical technology company’s stock worth $950,000 after purchasing an additional 8,550 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Medtronic by 32.1% in the 2nd quarter. Renaissance Technologies LLC now owns 636,341 shares of the medical technology company’s stock valued at $50,086,000 after purchasing an additional 154,700 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Medtronic during the 2nd quarter worth about $239,000. Finally, Financial & Tax Architects LLC grew its holdings in shares of Medtronic by 6.8% during the 2nd quarter. Financial & Tax Architects LLC now owns 72,138 shares of the medical technology company’s stock worth $5,678,000 after purchasing an additional 4,607 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.