Medtronic (NYSE:MDT) Trading Down 0.2% – What’s Next?

Medtronic plc (NYSE:MDT)’s share price dropped 0.2% during trading on Wednesday . The stock traded as low as $83.21 and last traded at $83.43. Approximately 983,169 shares were traded during trading, a decline of 84% from the average daily volume of 6,228,050 shares. The stock had previously closed at $83.58.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Finally, Stifel Nicolaus upped their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.27.

Medtronic Stock Performance

The company has a market cap of $106.57 billion, a P/E ratio of 25.51, a PEG ratio of 2.38 and a beta of 0.82. The company has a 50 day moving average price of $88.00 and a 200-day moving average price of $85.02. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the prior year, the business posted $1.25 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.37%. Medtronic’s dividend payout ratio is currently 85.63%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MDT. Wedmont Private Capital lifted its stake in Medtronic by 14.3% in the 2nd quarter. Wedmont Private Capital now owns 4,341 shares of the medical technology company’s stock worth $338,000 after acquiring an additional 543 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after purchasing an additional 21,995 shares in the last quarter. ORG Partners LLC purchased a new stake in shares of Medtronic during the 2nd quarter worth about $309,000. Envestnet Portfolio Solutions Inc. raised its stake in shares of Medtronic by 1.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 182,806 shares of the medical technology company’s stock worth $14,389,000 after purchasing an additional 1,733 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its stake in shares of Medtronic by 4.7% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 12,192 shares of the medical technology company’s stock worth $960,000 after purchasing an additional 549 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

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.