Medtronic (NYSE:MDT) Trading Down 0.9% - Here's Why

Medtronic plc (NYSE:MDT - Get Free Report) shares were down 0.9% on Friday . The stock traded as low as $87.23 and last traded at $87.45. 1,017,016 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 6,100,605 shares. The stock had previously closed at $88.28.

Analyst Upgrades and Downgrades

MDT has been the subject of several research analyst reports. Royal Bank of Canada reiterated an "outperform" rating and set a $105.00 target price on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird raised their price objective on Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Finally, Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $96.07.

Medtronic Price Performance

The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock's 50-day moving average price is $90.98 and its 200-day moving average price is $87.99. The company has a market capitalization of $115.33 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80.

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Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. Medtronic's payout ratio is presently 85.11%.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares in the company, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.20% of the company's stock.

Institutional Investors Weigh In On Medtronic

Hedge funds have recently bought and sold shares of the company. FMR LLC increased its holdings in shares of Medtronic by 21.0% in the third quarter. FMR LLC now owns 1,839,569 shares of the medical technology company's stock worth $165,616,000 after acquiring an additional 319,256 shares in the last quarter. Fred Alger Management LLC raised its holdings in Medtronic by 6.9% during the 3rd quarter. Fred Alger Management LLC now owns 36,801 shares of the medical technology company's stock worth $3,313,000 after buying an additional 2,390 shares during the period. PDT Partners LLC bought a new position in Medtronic in the third quarter valued at approximately $522,000. Edgestream Partners L.P. boosted its holdings in shares of Medtronic by 682.9% in the third quarter. Edgestream Partners L.P. now owns 23,737 shares of the medical technology company's stock valued at $2,137,000 after buying an additional 20,705 shares during the period. Finally, Bellevue Group AG raised its holdings in shares of Medtronic by 0.7% during the third quarter. Bellevue Group AG now owns 1,008,633 shares of the medical technology company's stock worth $90,807,000 after acquiring an additional 6,886 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.