Medtronic (NYSE:MDT) Trading 0.1% Higher – Time to Buy?

Medtronic plc (NYSE:MDT)’s share price traded up 0.1% during trading on Wednesday . The company traded as high as $85.89 and last traded at $85.32. 3,133,041 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 7,448,987 shares. The stock had previously closed at $85.25.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Robert W. Baird dropped their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. One 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

The stock has a market cap of $109.31 billion, a PE ratio of 26.07, a P/E/G ratio of 2.33 and a beta of 0.83. The company has a fifty day moving average price of $83.74 and a 200 day moving average price of $85.01. 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 data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 earnings per share. Analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.28%. Medtronic’s payout ratio is presently 85.63%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by insiders.

Institutional Trading of Medtronic

Several large investors have recently bought and sold shares of the company. State Street Corp boosted its position in Medtronic by 0.9% during the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after acquiring an additional 520,027 shares in the last quarter. Pzena Investment Management LLC boosted its position in shares of Medtronic by 3.3% in 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after purchasing an additional 5,975,110 shares in the last quarter. Raymond James & Associates boosted its position in shares of Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after purchasing an additional 145,504 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Medtronic by 11.5% in the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock worth $530,612,000 after purchasing an additional 609,391 shares in the last quarter. 82.06% of the stock is owned by 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.