Medtronic (NYSE:MDT) Stock Price Down 2.4% - What's Next?

Medtronic plc (NYSE:MDT - Get Free Report)'s share price was down 2.4% during trading on Thursday . The company traded as low as $82.75 and last traded at $83.20. Approximately 1,441,126 shares changed hands during trading, a decline of 78% from the average daily volume of 6,643,167 shares. The stock had previously closed at $85.28.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Robert W. Baird boosted their price target on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. UBS Group lifted their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Citigroup upgraded Medtronic from a "neutral" rating to a "buy" rating and upped 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 given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Hold" and an average target price of $96.14.

Medtronic Trading Up 1.6 %

The firm has a market cap of $107.99 billion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The firm has a fifty day simple moving average of $89.71 and a 200-day simple moving average of $87.63. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

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Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (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 business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.33%. The ex-dividend date was Friday, March 28th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic 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 transaction, the executive vice president now owns 40,979 shares of the company's stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MDT. Burkett Financial Services LLC increased its holdings in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the last quarter. Mainstream Capital Management LLC bought a new stake in Medtronic during the 4th quarter valued at $26,000. Rakuten Securities Inc. lifted its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic in the fourth quarter worth $27,000. Finally, Stephens Consulting LLC grew its position in shares of Medtronic by 145.7% in the fourth 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 in the last quarter. Institutional investors 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.