Medtronic plc (NYSE:MDT – Get Free Report)’s share price fell 0.1% on Wednesday . The company traded as low as $87.42 and last traded at $88.32. 900,573 shares were traded during mid-day trading, a decline of 89% from the average session volume of 7,892,040 shares. The stock had previously closed at $88.38.
Analyst Ratings Changes
Several brokerages recently issued reports on MDT. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Finally, Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and an average target price of $95.00.
View Our Latest Research Report on MDT
Medtronic Stock Performance
Medtronic (NYSE:MDT – Get Free Report) 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 net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the company earned $1.25 earnings per share. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic plc will post 5.45 EPS for the current year.
Medtronic Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.
Insider Transactions at Medtronic
In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.
Institutional Trading of Medtronic
Several large investors have recently made changes to their positions in MDT. Edgestream Partners L.P. purchased a new stake in shares of Medtronic in the second quarter valued at approximately $239,000. AE Wealth Management LLC grew its holdings in Medtronic by 24.7% in the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock valued at $754,000 after buying an additional 1,896 shares in the last quarter. Mount Yale Investment Advisors LLC increased its stake in shares of Medtronic by 38.5% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 10,013 shares of the medical technology company’s stock worth $788,000 after acquiring an additional 2,786 shares during the last quarter. Public Sector Pension Investment Board boosted its position in shares of Medtronic by 68.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 51,014 shares of the medical technology company’s stock valued at $4,015,000 after acquiring an additional 20,660 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its holdings in shares of Medtronic by 17.9% in the second quarter. Evergreen Capital Management LLC now owns 11,422 shares of the medical technology company’s stock valued at $907,000 after purchasing an additional 1,736 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.
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.
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