Medtronic (NYSE:MDT) Trading Up 0.5% - Here's Why

Medtronic plc (NYSE:MDT - Get Free Report)'s share price shot up 0.5% during trading on Friday . The company traded as high as $80.52 and last traded at $80.35. 1,600,939 shares were traded during mid-day trading, a decline of 74% from the average session volume of 6,234,354 shares. The stock had previously closed at $79.99.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDT. Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday. Citigroup lifted their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. Wells Fargo & Company dropped their price objective on shares of Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday, November 20th. Robert W. Baird reduced their target price on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating on the stock in a report on Wednesday, November 20th. Finally, Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $95.00.

Medtronic Trading Up 1.3 %

The business has a 50 day simple moving average of $87.06 and a two-hundred day simple moving average of $84.97. The stock has a market cap of $103.90 billion, a price-to-earnings ratio of 24.78, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly 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 business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the company earned $1.25 earnings per share. The business's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.46%. Medtronic's dividend payout ratio (DPR) is presently 85.63%.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently bought and sold shares of MDT. Clear Harbor Asset Management LLC grew 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. lifted 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 last quarter. First PREMIER Bank boosted 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 during the period. First City Capital Management Inc. increased its stake in Medtronic by 2.9% during 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 purchasing an additional 116 shares during the last quarter. Finally, Hardy Reed LLC raised its holdings in shares of Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock worth $247,000 after purchasing an additional 116 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.