Medtronic (NYSE:MDT) Shares Gap Down - Time to Sell?

Medtronic plc (NYSE:MDT - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $92.81, but opened at $87.96. Medtronic shares last traded at $85.82, with a volume of 2,848,721 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 20th. Robert W. Baird raised their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Medtronic presently has a consensus rating of "Hold" and a consensus target price of $95.20.

Medtronic Stock Up 2.3 %

The firm's 50 day moving average price is $85.93 and its two-hundred day moving average price is $87.03. The company has a market cap of $115.34 billion, a P/E ratio of 27.34, a price-to-earnings-growth ratio of 2.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The company 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%. Equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic's payout ratio is currently 85.11%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The shares were 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 directly owns 40,979 shares of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently bought and sold shares of MDT. Mainstream Capital Management LLC bought a new stake in shares of Medtronic during the 4th quarter worth $26,000. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the 3rd quarter worth $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic during the 3rd quarter worth $27,000. Finally, Stephens Consulting LLC raised its stake in shares of Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after purchasing an additional 204 shares during the period. 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.