Medtronic (NYSE:MDT) Shares Up 0.2% – Still a Buy?

Medtronic plc (NYSE:MDT)’s share price rose 0.2% during trading on Monday . The stock traded as high as $88.82 and last traded at $87.89. Approximately 648,184 shares were traded during trading, a decline of 90% from the average daily volume of 6,177,494 shares. The stock had previously closed at $87.72.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MDT shares. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Oppenheimer raised their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Robert W. Baird upped their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Down 0.4 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market capitalization of $112.83 billion, a price-to-earnings ratio of 29.71, a PEG ratio of 2.52 and a beta of 0.84. The firm has a 50-day moving average price of $89.65 and a two-hundred day moving average price of $84.63.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the firm posted $1.20 EPS. The business’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.18%. Medtronic’s payout ratio is currently 94.59%.

Hedge Funds Weigh In On Medtronic

Large investors have recently modified their holdings of the business. Capital Research Global Investors boosted its position in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC raised its stake in shares of Medtronic by 3.3% during the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after purchasing an additional 275,870 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD grew its stake in shares of Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after buying an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after buying an additional 145,504 shares during the last quarter. 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.