Medtronic (NYSE:MDT) Shares Down 1.6% - Time to Sell?

Medtronic plc (NYSE:MDT - Get Free Report) dropped 1.6% during mid-day trading on Wednesday . The company traded as low as $79.98 and last traded at $80.53. Approximately 1,458,951 shares traded hands during trading, a decline of 78% from the average daily volume of 6,618,331 shares. The stock had previously closed at $81.88.

Analyst Ratings Changes

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

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Medtronic Price Performance

The company has a market cap of $106.05 billion, a price-to-earnings ratio of 25.13, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. 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 company has a fifty day simple moving average of $89.71 and a two-hundred day simple moving average of $87.65.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results 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. 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 the consensus estimate of $8.33 billion. On average, equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a dividend of $0.70 per share. 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 currently 85.11%.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.20% of the company's stock.

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently made changes to their positions in the business. Godsey & Gibb Inc. boosted its stake in Medtronic by 3.2% in the 1st quarter. Godsey & Gibb Inc. now owns 240,451 shares of the medical technology company's stock worth $21,607,000 after buying an additional 7,365 shares during the last quarter. WealthBridge Investment Counsel Inc. boosted its position in shares of Medtronic by 2.8% in the first quarter. WealthBridge Investment Counsel Inc. now owns 78,685 shares of the medical technology company's stock worth $7,071,000 after acquiring an additional 2,145 shares during the last quarter. Persium Advisors LLC grew its holdings in Medtronic by 4.6% in the first quarter. Persium Advisors LLC now owns 7,603 shares of the medical technology company's stock valued at $683,000 after purchasing an additional 337 shares during the period. Intergy Private Wealth LLC increased its position in Medtronic by 18.9% during the first quarter. Intergy Private Wealth LLC now owns 3,005 shares of the medical technology company's stock worth $270,000 after purchasing an additional 478 shares during the last quarter. Finally, Gateway Investment Advisers LLC raised its stake in Medtronic by 0.6% during the first quarter. Gateway Investment Advisers LLC now owns 101,408 shares of the medical technology company's stock worth $9,112,000 after purchasing an additional 608 shares during the period. 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.