Medtronic (NYSE:MDT) Trading Up 0.8% – Time to Buy?

Shares of Medtronic plc (NYSE:MDT) were up 0.8% on Friday . The stock traded as high as $93.21 and last traded at $93.07. Approximately 1,086,625 shares changed hands during trading, a decline of 82% from the average daily volume of 6,042,686 shares. The stock had previously closed at $92.33.

Analysts Set New Price Targets

Several research analysts have weighed in on MDT shares. Barclays increased their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird increased their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Sanford C. Bernstein increased their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $96.07.

Medtronic Stock Up 0.9 %

The firm has a 50 day moving average of $89.61 and a two-hundred day moving average of $87.96. The firm has a market capitalization of $119.51 billion, a price-to-earnings ratio of 28.32, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s payout ratio is 85.11%.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, 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 can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

Institutional Trading of Medtronic

Hedge funds have recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic during the third quarter valued at about $27,000. Mainstream Capital Management LLC acquired a new position in shares of Medtronic in the fourth quarter worth approximately $26,000. J. Stern & Co. LLP acquired a new position in shares of Medtronic in the third quarter worth approximately $30,000. Rakuten Securities Inc. lifted its stake in shares of Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 294 shares during the period. Finally, Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic in the fourth quarter worth approximately $27,000. 82.06% of the stock is 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.