Medtronic (NYSE:MDT) Shares Down 0.4% - Here's Why

Medtronic plc (NYSE:MDT - Get Free Report)'s share price dropped 0.4% during trading on Tuesday . The company traded as low as $92.71 and last traded at $93.38. Approximately 1,161,301 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 6,029,951 shares. The stock had previously closed at $93.80.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MDT shares. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a report on Friday, November 15th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and raised their price objective for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group lifted their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Finally, Truist Financial lowered their target price on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Medtronic has an average rating of "Hold" and an average target price of $96.07.

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Medtronic Stock Down 2.2 %

The stock has a 50-day moving average of $88.89 and a 200 day moving average of $87.88. The company has a market capitalization of $117.01 billion, a PE ratio of 27.72, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

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

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's payout ratio is 85.11%.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company's stock, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company's stock.

Institutional Investors Weigh In On Medtronic

Institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Medtronic in the fourth quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic in the 4th quarter valued at approximately $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Medtronic by 436.7% during 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 valued at $661,125,000 after acquiring an additional 5,975,110 shares during the period. Beutel Goodman & Co Ltd. purchased a new stake in shares of Medtronic during the fourth quarter worth $377,169,000. Finally, Van ECK Associates Corp lifted its position in shares of Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock worth $207,540,000 after acquiring an additional 2,476,935 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other 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.