Medtronic (NYSE:MDT) Trading 3.4% Higher – Here’s Why

Medtronic plc (NYSE:MDT)’s share price rose 3.4% on Wednesday . The stock traded as high as $82.86 and last traded at $82.56. Approximately 3,892,412 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 5,826,884 shares. The stock had previously closed at $79.87.

Analyst Ratings Changes

MDT has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. 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 report on Thursday, October 10th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

The company has a market capitalization of $106.22 billion, a PE ratio of 25.33, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The company’s 50 day simple moving average is $84.46 and its 200 day simple moving average is $84.92. 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 released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during 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%. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.25 earnings per share. As a group, sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

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. 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 (DPR) is presently 85.63%.

Institutional Trading of Medtronic

A number of institutional investors and hedge funds have recently made changes to their positions in MDT. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the third quarter valued at $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at $27,000. J. Stern & Co. LLP purchased a new position in Medtronic in the 3rd quarter worth about $30,000. Finally, Chelsea Counsel Co. acquired a new stake in Medtronic during the 3rd quarter worth about $45,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.