Medtronic (NYSE:MDT) Trading 0.9% Higher - Here's What Happened

Medtronic plc (NYSE:MDT - Get Free Report)'s stock price shot up 0.9% on Tuesday . The stock traded as high as $85.31 and last traded at $83.86. 2,129,720 shares changed hands during trading, a decline of 68% from the average session volume of 6,614,994 shares. The stock had previously closed at $83.15.

Analysts Set New Price Targets

MDT has been the subject of a number of research analyst reports. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and upped their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Truist Financial reduced their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday. Royal Bank of Canada reissued an "outperform" rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Finally, UBS Group increased their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $96.14.

Medtronic Price Performance

The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $106.05 billion, a P/E ratio of 25.13, a PEG ratio of 2.22 and a beta of 0.79. The business's 50-day simple moving average is $89.71 and its 200 day simple moving average is $87.65.

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Medtronic (NYSE:MDT - Get Free Report) last issued 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 business had revenue of $8.29 billion for the quarter, compared to the consensus estimate 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 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.39%. Medtronic's dividend payout ratio is presently 85.11%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company'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 value of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.20% of the company's stock.

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently bought and sold shares of MDT. Mainstream Capital Management LLC bought a new position in shares of Medtronic in the 4th quarter valued at about $26,000. Burkett Financial Services LLC boosted its stake in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after buying an additional 185 shares during the period. Stephens Consulting LLC grew its holdings in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 204 shares during the last quarter. Rakuten Securities Inc. lifted its stake in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Finally, Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

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.