Medtronic (NYSE:MDT) Stock Price Down 3.1% - Here's Why

Medtronic plc (NYSE:MDT - Get Free Report) shares traded down 3.1% during trading on Friday . The company traded as low as $84.55 and last traded at $85.20. 3,059,978 shares were traded during trading, a decline of 53% from the average session volume of 6,570,008 shares. The stock had previously closed at $87.89.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MDT shares. Robert W. Baird increased their target price 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. UBS Group increased their price objective on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Truist Financial dropped their target price on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of "Hold" and a consensus price target of $96.07.

Medtronic Trading Down 1.8 %

The company has a market capitalization of $104.70 billion, a P/E ratio of 24.81, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a 50-day simple moving average of $90.68 and a 200 day simple moving average of $87.89. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Remove Ads

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $8.33 billion. Sell-side analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic's payout ratio is presently 85.11%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the company's stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company's stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Medtronic

Institutional investors have recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC acquired a new stake in Medtronic in the 4th quarter valued at $26,000. Stephens Consulting LLC boosted its stake in shares of Medtronic by 145.7% in 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 in the last quarter. Rakuten Securities Inc. grew its holdings in shares of Medtronic by 753.8% in the 4th 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. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic during the 4th quarter worth about $27,000. Finally, Optiver Holding B.V. bought a new position in Medtronic during the 4th quarter valued at about $31,000. 82.06% of the stock is owned by institutional investors and hedge funds.

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.