Medtronic (NYSE:MDT) Shares Down 0.1% on Analyst Downgrade

Medtronic plc (NYSE:MDT - Get Free Report) shares dropped 0.1% during trading on Wednesday after Truist Financial lowered their price target on the stock from $93.00 to $89.00. Truist Financial currently has a hold rating on the stock. Medtronic traded as low as $81.00 and last traded at $81.29. Approximately 1,300,163 shares traded hands during trading, a decline of 79% from the average daily volume of 6,225,602 shares. The stock had previously closed at $81.37.

A number of other research firms have also commented on MDT. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a "market perform" rating in a report on Wednesday, August 21st. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Monday, November 18th. Evercore ISI lifted their price objective on Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 1st. Finally, Piper Sandler boosted their price objective on Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $95.00.

Institutional Investors Weigh In On Medtronic

Several institutional investors and hedge funds have recently bought and sold shares of MDT. Copley Financial Group Inc. bought a new stake in Medtronic in the third quarter valued at about $694,000. Olstein Capital Management L.P. boosted its holdings in Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock valued at $7,833,000 after purchasing an additional 14,000 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in shares of Medtronic by 322.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock valued at $6,626,000 after purchasing an additional 56,178 shares during the period. Ferguson Wellman Capital Management Inc. acquired a new position in shares of Medtronic in the 3rd quarter worth approximately $9,486,000. Finally, Soltis Investment Advisors LLC raised its holdings in shares of Medtronic by 30.0% in the 3rd quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company's stock worth $7,933,000 after buying an additional 20,352 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

The company has a 50-day moving average of $87.24 and a 200 day moving average of $85.00. The firm has a market cap of $102.62 billion, a P/E ratio of 24.47, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.27 billion. The business's revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $1.25 earnings per share. On average, sell-side analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.50%. Medtronic's dividend payout ratio is 85.63%.

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.