Medtronic (NYSE:MDT) Trading 0% Higher on Earnings Beat

Medtronic plc (NYSE:MDT - Get Free Report) shares shot up 0% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $86.86 and last traded at $86.11. Approximately 2,200,731 shares changed hands during trading, a decline of 70% from the average session volume of 7,303,514 shares. The stock had previously closed at $86.07.

The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Wednesday. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a report on Wednesday. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday. Wells Fargo & Company lowered their price objective on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research note on Wednesday, November 20th. Finally, Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $95.20.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 9,850 shares of the firm's stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now owns 40,708 shares of the company's stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.20% of the company's stock.

Institutional Trading of Medtronic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ascent Group LLC grew its position in shares of Medtronic by 52.9% in the 4th quarter. Ascent Group LLC now owns 8,083 shares of the medical technology company's stock valued at $646,000 after buying an additional 2,797 shares during the last quarter. Aurdan Capital Management LLC acquired a new position in Medtronic in the fourth quarter valued at $3,222,000. Perennial Advisors LLC purchased a new position in shares of Medtronic during the fourth quarter worth about $4,817,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Medtronic during the fourth quarter worth about $324,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Medtronic by 8.5% in the 4th quarter. Mackenzie Financial Corp now owns 751,758 shares of the medical technology company's stock valued at $60,050,000 after purchasing an additional 58,796 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Trading Up 2.3 %

The business has a 50-day moving average of $86.08 and a 200-day moving average of $87.10. The stock has a market capitalization of $115.34 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 2.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

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.