Medtronic (NYSE:MDT) Shares Down 0.9% – Here’s What Happened

Medtronic plc (NYSE:MDT)’s share price was down 0.9% on Friday . The stock traded as low as $87.23 and last traded at $87.45. Approximately 1,017,016 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 6,100,605 shares. The stock had previously closed at $88.28.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MDT. Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird increased their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $96.07.

Medtronic Stock Performance

The company has a 50 day moving average price of $90.98 and a 200 day moving average price of $88.01. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market capitalization of $112.38 billion, a price-to-earnings ratio of 26.63, a P/E/G ratio of 2.22 and a beta of 0.80.

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

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Medtronic

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after acquiring an additional 754,395 shares in the last quarter. State Street Corp lifted its position in shares of Medtronic by 0.9% during the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after buying an additional 520,027 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after buying an additional 571,700 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock valued at $2,155,085,000 after acquiring an additional 574,055 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of Medtronic by 2.1% during the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock valued at $1,473,278,000 after acquiring an additional 372,168 shares during 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.