By otakuyassine3@gmail.com 
Shares of Medtronic plc (NYSE:MDT – Get Free Report) were up 4% on Tuesday . The stock traded as high as $85.29 and last traded at $85.07. Approximately 2,915,398 shares traded hands during trading, a decline of 56% from the average daily volume of 6,649,315 shares. The stock had previously closed at $81.79.
Analyst Ratings Changes
A number of brokerages have weighed in on MDT. Sanford C. Bernstein lifted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Citigroup lifted their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Evercore ISI boosted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.
Get Our Latest Report on Medtronic
Medtronic Stock Up 2.1 %
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 company has a market cap of $111.80 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 2.28 and a beta of 0.83. The firm’s fifty day simple moving average is $83.65 and its 200 day simple moving average is $85.01.
Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping 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 business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the previous year, the firm earned $1.25 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. Sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.
Medtronic Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.21%. Medtronic’s dividend payout ratio is presently 85.63%.
Insider Buying and Selling at Medtronic
In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the business. One Capital Management LLC purchased a new stake in Medtronic during the 2nd quarter valued at approximately $245,000. Citizens Financial Group Inc. RI raised its stake in shares of Medtronic by 243.0% during the second quarter. Citizens Financial Group Inc. RI now owns 12,068 shares of the medical technology company’s stock worth $950,000 after purchasing an additional 8,550 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Medtronic by 32.1% during the second quarter. Renaissance Technologies LLC now owns 636,341 shares of the medical technology company’s stock worth $50,086,000 after purchasing an additional 154,700 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Medtronic during the second quarter worth $239,000. Finally, Financial & Tax Architects LLC grew its position in Medtronic by 6.8% in the 2nd quarter. Financial & Tax Architects LLC now owns 72,138 shares of the medical technology company’s stock valued at $5,678,000 after buying an additional 4,607 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.
About Medtronic
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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