Medtronic plc (NYSE:MDT - Get Free Report)'s stock price dropped 0.8% during trading on Thursday . The stock traded as low as $87.69 and last traded at $88.14. Approximately 1,966,075 shares changed hands during trading, a decline of 70% from the average daily volume of 6,558,270 shares. The stock had previously closed at $88.86.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on MDT. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. Robert W. Baird boosted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. UBS Group boosted their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $96.07.
Check Out Our Latest Stock Report on MDT
Medtronic Trading Up 0.3 %
The company's 50 day simple moving average is $90.87 and its 200 day simple moving average is $87.93. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm has a market cap of $106.58 billion, a price-to-earnings ratio of 25.26, a P/E/G ratio of 2.22 and a beta of 0.79.
Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating 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 company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. As a group, research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.
Medtronic Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 3.37%. Medtronic's dividend payout ratio is currently 85.11%.
Insider Activity at Medtronic
In other news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares of the company's stock, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Medtronic
Large investors have recently bought and sold shares of the stock. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic during the 4th quarter worth about $26,000. Rakuten Securities Inc. boosted its position in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after acquiring an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new stake in Medtronic in the 4th quarter worth approximately $27,000. Stephens Consulting LLC raised its holdings in 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 acquiring an additional 204 shares during the last quarter. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic in the fourth quarter valued at $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.
About Medtronic
(
Get Free Report)
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.
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