Medtronic (NYSE:MDT) Shares Up 4% - What's Next?

Medtronic plc (NYSE:MDT - Get Free Report)'s share price shot up 4% during trading on Tuesday . The stock traded as high as $85.29 and last traded at $85.07. 2,915,398 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 6,649,315 shares. The stock had previously closed at $81.79.

Analyst Ratings Changes

Several research firms recently weighed in on MDT. Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. Robert W. Baird reduced their target price on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research report on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price target on shares of 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 cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, December 18th. Finally, Royal Bank of Canada raised shares of Medtronic from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $95.00.

Medtronic Stock Up 4.1 %

The firm's fifty day moving average is $83.74 and its 200-day moving average is $85.01. The company has a market capitalization of $109.20 billion, a P/E ratio of 26.04, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Friday, December 27th. Medtronic's dividend payout ratio (DPR) is currently 85.63%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the firm's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company's stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Medtronic

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Clear Harbor Asset Management LLC raised its position in shares of Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company's stock worth $861,000 after acquiring an additional 111 shares in the last quarter. Guardian Wealth Management Inc. grew its stake in Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company's stock worth $1,182,000 after purchasing an additional 115 shares during the period. First PREMIER Bank increased its holdings in Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company's stock worth $577,000 after purchasing an additional 116 shares in the last quarter. First City Capital Management Inc. lifted its stake in Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company's stock valued at $371,000 after buying an additional 116 shares during the period. Finally, Hardy Reed LLC boosted its holdings in shares of Medtronic by 4.4% during the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock worth $247,000 after buying an additional 116 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

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.