Medtronic (NYSE:MDT) Sets New 52-Week High – Here’s What Happened

Medtronic plc (NYSE:MDT)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $93.08 and last traded at $92.61, with a volume of 709397 shares. The stock had previously closed at $92.46.

Analysts Set New Price Targets

MDT has been the topic of a number of research analyst reports. Sanford C. Bernstein raised their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. 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 given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

The business has a fifty day simple moving average of $83.85 and a 200-day simple moving average of $85.73. 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 firm has a market cap of $117.93 billion, a P/E ratio of 28.11, a P/E/G ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly 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. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the company earned $1.25 earnings per share. The company’s revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.04%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MDT. Scientech Research LLC purchased a new position in Medtronic in the second quarter worth about $522,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Medtronic during the 2nd quarter valued at about $4,745,000. Creative Planning lifted its position in shares of Medtronic by 6.6% during the 2nd quarter. Creative Planning now owns 247,061 shares of the medical technology company’s stock valued at $19,446,000 after buying an additional 15,305 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Medtronic by 7.1% during the 2nd quarter. NewEdge Advisors LLC now owns 122,880 shares of the medical technology company’s stock valued at $9,672,000 after buying an additional 8,127 shares in the last quarter. Finally, Wellington Wealth Strategies LLC. purchased a new position in shares of Medtronic during the 2nd quarter valued at about $257,000. 82.06% of the stock is 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.