Medtronic (NYSE:MDT) Stock Price Up 0.1% - Still a Buy?

Medtronic plc (NYSE:MDT - Get Free Report) was up 0.1% during mid-day trading on Wednesday . The stock traded as high as $85.89 and last traded at $85.32. Approximately 3,133,041 shares were traded during trading, a decline of 58% from the average daily volume of 7,448,987 shares. The stock had previously closed at $85.25.

Analyst Ratings Changes

Several research analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research report on Friday, November 15th. Citigroup boosted their target price on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Monday, November 18th. Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research note on Wednesday, December 18th. Finally, Barclays increased their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic has an average rating of "Hold" and a consensus target price of $95.00.

Medtronic Stock Performance

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 $109.42 billion, a PE ratio of 26.09, a PEG ratio of 2.33 and a beta of 0.83. The firm's 50-day simple moving average is $83.74 and its 200-day simple moving average is $85.01.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.28%. Medtronic's dividend payout ratio is currently 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the firm's stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently modified their holdings of the business. Copley Financial Group Inc. purchased a new stake in Medtronic during the third quarter worth $694,000. Olstein Capital Management L.P. lifted its stake in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock worth $7,833,000 after purchasing an additional 14,000 shares during the last quarter. Franklin Street Advisors Inc. NC boosted its position in Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock valued at $5,873,000 after purchasing an additional 18,057 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock valued at $6,626,000 after purchasing an additional 56,178 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. bought a new position in Medtronic in the third quarter worth about $9,486,000. Hedge funds and other 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.