Medtronic (NYSE:MDT) Shares Down 0.9% - Here's What Happened

Medtronic plc (NYSE:MDT - Get Free Report) was down 0.9% on Tuesday . The stock traded as low as $82.88 and last traded at $83.20. Approximately 966,821 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 6,233,079 shares. The stock had previously closed at $83.96.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MDT shares. Evercore ISI lifted their price target on Medtronic from $100.00 to $104.00 and gave the company an "outperform" rating in a research report on Tuesday, October 1st. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Monday, November 18th. Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Citigroup lifted their price target on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. Finally, Sanford C. Bernstein lifted their price target on Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of "Hold" and an average price target of $95.27.

Medtronic Stock Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a 50 day simple moving average of $88.13 and a 200-day simple moving average of $85.01. The stock has a market cap of $107.33 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the previous year, the company posted $1.25 earnings per share. The company's revenue was up 5.2% compared to the same quarter last year. On average, equities analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic's dividend payout ratio (DPR) is presently 85.63%.

Institutional Investors Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently modified their holdings of MDT. Dynamic Advisor Solutions LLC lifted its stake in shares of Medtronic by 9.0% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 33,565 shares of the medical technology company's stock valued at $2,642,000 after acquiring an additional 2,783 shares during the last quarter. Wedmont Private Capital raised its position in Medtronic by 14.3% during the 2nd quarter. Wedmont Private Capital now owns 4,341 shares of the medical technology company's stock valued at $338,000 after purchasing an additional 543 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company's stock valued at $29,019,000 after purchasing an additional 21,995 shares during the last quarter. TRUE Private Wealth Advisors raised its position in Medtronic by 3.5% during the 2nd quarter. TRUE Private Wealth Advisors now owns 4,061 shares of the medical technology company's stock valued at $320,000 after purchasing an additional 136 shares during the last quarter. Finally, ORG Partners LLC bought a new position in Medtronic during the 2nd quarter valued at approximately $309,000. 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.

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