Medtronic (NYSE:MDT) Trading Down 0.5% - What's Next?

Medtronic plc (NYSE:MDT - Get Free Report)'s stock price dropped 0.5% on Thursday . The company traded as low as $90.29 and last traded at $91.42. Approximately 2,181,214 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 6,042,669 shares. The stock had previously closed at $91.87.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MDT shares. UBS Group lifted their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Royal Bank of Canada reiterated an "outperform" rating and issued a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Finally, Truist Financial reduced their price target on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic presently has an average rating of "Hold" and an average target price of $96.07.

Medtronic Price Performance

The stock has a market capitalization of $115.90 billion, a P/E ratio of 27.47, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The business's 50 day moving average price is $90.67 and its 200 day moving average price is $88.07.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, March 28th. Medtronic's dividend payout ratio is currently 85.11%.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.20% of the company's stock.

Institutional Investors Weigh In On Medtronic

Several large investors have recently bought and sold shares of the business. 111 Capital bought a new position in shares of Medtronic in the 4th quarter valued at about $919,000. Wealth Enhancement Advisory Services LLC lifted its position in Medtronic by 32.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 477,719 shares of the medical technology company's stock worth $38,160,000 after buying an additional 116,310 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Medtronic in the 4th quarter worth about $2,599,000. Capstone Triton Financial Group LLC boosted its position in shares of Medtronic by 2.2% during the fourth quarter. Capstone Triton Financial Group LLC now owns 10,009 shares of the medical technology company's stock valued at $800,000 after buying an additional 213 shares during the period. Finally, Mattson Financial Services LLC raised its holdings in shares of Medtronic by 6.3% in the fourth quarter. Mattson Financial Services LLC now owns 42,159 shares of the medical technology company's stock worth $3,368,000 after buying an additional 2,489 shares during the period. 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.