By otakuyassine3@gmail.com 
Medtronic plc (NYSE:MDT – Get Free Report)’s share price traded down 0.1% during mid-day trading on Wednesday after Truist Financial lowered their price target on the stock from $93.00 to $89.00. Truist Financial currently has a hold rating on the stock. Medtronic traded as low as $81.00 and last traded at $81.29. 1,300,163 shares were traded during trading, a decline of 79% from the average session volume of 6,225,602 shares. The stock had previously closed at $81.37.
Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Robert W. Baird reduced their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Finally, Oppenheimer increased 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.00.
Check Out Our Latest Research Report on MDT
Institutional Investors Weigh In On Medtronic
Several institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in shares of Medtronic during the third quarter valued at about $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic during the third quarter worth about $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter worth $27,000. J. Stern & Co. LLP purchased a new stake in shares of Medtronic in the 3rd quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. purchased a new stake in Medtronic in the third quarter valued at $45,000. Institutional investors own 82.06% of the company’s stock.
Medtronic Stock Performance
The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The firm’s fifty day moving average price is $87.41 and its 200 day moving average price is $85.04. The stock has a market capitalization of $104.29 billion, a price-to-earnings ratio of 24.86, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.
Medtronic (NYSE:MDT – Get Free Report) 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 analysts’ consensus estimates 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 firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 EPS. Analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.
Medtronic Announces Dividend
The business also recently disclosed 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Friday, December 27th. Medtronic’s payout ratio is currently 85.63%.
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.
Further Reading
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