Medtronic (NYSE:MDT) Stock Price Up 0.6% – What’s Next?

Shares of Medtronic plc (NYSE:MDT) were up 0.6% during mid-day trading on Thursday . The stock traded as high as $80.67 and last traded at $80.33. Approximately 641,034 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 6,230,272 shares. The stock had previously closed at $79.88.

Analyst Upgrades and Downgrades

MDT has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Citigroup boosted their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Truist Financial decreased 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

The stock’s fifty day moving average price is $85.30 and its 200-day moving average price is $84.88. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a market cap of $102.78 billion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 2.33 and a beta of 0.82.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. 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 company earned $1.25 EPS. Medtronic’s revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.49%. Medtronic’s dividend payout ratio is presently 85.63%.

Institutional Trading of Medtronic

Several hedge funds have recently made changes to their positions in MDT. Fortitude Family Office LLC acquired a new position in Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic in the third quarter valued at $27,000. Highline Wealth Partners 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 shares of Medtronic during the 3rd quarter worth $30,000. Finally, Chelsea Counsel Co. acquired a new stake in shares of Medtronic during the 3rd quarter worth about $45,000. Hedge funds and other 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.