Medtronic (NYSE:MDT) Trading Up 0.5% - Here's Why

Medtronic plc (NYSE:MDT - Get Free Report)'s stock price shot up 0.5% during mid-day trading on Monday . The company traded as high as $90.71 and last traded at $90.46. 904,932 shares traded hands during trading, a decline of 87% from the average session volume of 7,034,291 shares. The stock had previously closed at $90.01.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MDT shares. Wells Fargo & Company dropped their price objective on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating on the stock in a report on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research report on Friday, November 15th. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. Barclays raised their target price on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Finally, Robert W. Baird cut their price target on Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $95.00.

Medtronic Stock Up 0.5 %

The firm's 50 day moving average price is $84.93 and its two-hundred day moving average price is $86.56. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $117.09 billion, a P/E ratio of 27.92, a PEG ratio of 2.57 and a beta of 0.84.

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

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.07%. Medtronic's payout ratio is presently 85.63%.

Insider Transactions at Medtronic

In other Medtronic 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 value of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. State Street Corp raised its position in shares of Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company's stock worth $5,509,155,000 after purchasing an additional 520,027 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Medtronic in the 4th quarter worth approximately $852,732,000. First Eagle Investment Management LLC raised its stake in Medtronic by 0.3% in the 4th quarter. First Eagle Investment Management LLC now owns 9,792,200 shares of the medical technology company's stock valued at $782,201,000 after acquiring an additional 28,910 shares during the period. Pzena Investment Management LLC grew its stake in Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company's stock valued at $772,727,000 after buying an additional 275,870 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Medtronic by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,002,051 shares of the medical technology company's stock valued at $639,204,000 after acquiring an additional 134,647 shares during the period. 82.06% of the stock is owned by institutional investors.

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.