Medtronic (NYSE:MDT) Trading 0.7% Higher - Here's What Happened

Medtronic plc (NYSE:MDT - Get Free Report) traded up 0.7% on Monday . The company traded as high as $96.25 and last traded at $95.17. 2,642,905 shares changed hands during trading, a decline of 56% from the average session volume of 6,019,869 shares. The stock had previously closed at $94.50.

Analyst Ratings Changes

Several analysts have issued reports on MDT shares. UBS Group upped their price objective on Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Wednesday, February 19th. Robert W. Baird lifted their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $96.07.

Medtronic Stock Down 0.4 %

The stock has a 50-day moving average of $88.89 and a 200-day moving average of $87.88. 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 $119.85 billion, a price-to-earnings ratio of 28.40, a P/E/G 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.00%. The ex-dividend date is Friday, March 28th. Medtronic's dividend payout ratio is currently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.20% of the company's stock.

Institutional Investors Weigh In On Medtronic

A number of large investors have recently modified their holdings of MDT. Vanguard Group Inc. lifted its position in shares of Medtronic by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after buying an additional 754,395 shares during the last quarter. State Street Corp raised its stake in Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company's stock worth $5,509,155,000 after acquiring an additional 520,027 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after acquiring an additional 571,700 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock valued at $2,155,085,000 after purchasing an additional 574,055 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after purchasing an additional 372,168 shares during the last quarter. Institutional investors and hedge funds 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.