Medtronic (NYSE:MDT) Shares Down 2.2% - Here's What Happened

Medtronic plc (NYSE:MDT - Get Free Report) shares were down 2.2% during trading on Wednesday . The company traded as low as $90.35 and last traded at $91.22. Approximately 1,668,857 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 6,038,087 shares. The stock had previously closed at $93.28.

Wall Street Analysts Forecast Growth

MDT has been the topic of several analyst reports. Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a report on Wednesday, November 20th. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price objective on Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research note on Friday, November 15th. Finally, Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of "Hold" and an average price target of $96.07.

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Medtronic Stock Down 1.6 %

The stock's fifty day simple moving average is $88.89 and its two-hundred day simple moving average is $87.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The stock has a market capitalization of $117.72 billion, a P/E ratio of 27.90, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.05%. Medtronic's dividend payout ratio is 85.11%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value 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 represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently modified their holdings of the stock. CWA Asset Management Group LLC bought a new stake in shares of Medtronic in the third quarter valued at approximately $418,000. Baker Avenue Asset Management LP lifted its stake in shares of Medtronic by 12.4% in the 3rd quarter. Baker Avenue Asset Management LP now owns 4,084 shares of the medical technology company's stock valued at $368,000 after purchasing an additional 450 shares during the period. Ashton Thomas Securities LLC purchased a new stake in shares of Medtronic during the third quarter worth approximately $123,000. Patten & Patten Inc. TN raised its position in shares of Medtronic by 24.0% during the 3rd quarter. Patten & Patten Inc. TN now owns 8,939 shares of the medical technology company's stock worth $805,000 after purchasing an additional 1,731 shares during the last quarter. Finally, GDS Wealth Management bought a new stake in Medtronic in the third quarter valued at $272,000. Institutional investors and hedge funds 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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