Medtronic (NYSE:MDT) Stock Price Up 1% - Still a Buy?

Medtronic plc (NYSE:MDT - Get Free Report) was up 1% during mid-day trading on Wednesday . The stock traded as high as $94.73 and last traded at $94.00. Approximately 1,346,140 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 6,011,482 shares. The stock had previously closed at $93.03.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MDT shares. Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. Wells Fargo & Company decreased their price target 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. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research report on Friday, November 15th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $96.07.

Medtronic Price Performance

The business's 50 day simple moving average is $87.82 and its two-hundred day simple moving average is $87.68. The stock has a market capitalization of $120.75 billion, a P/E ratio of 28.62, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last announced 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. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 2.97%. Medtronic's dividend payout ratio is currently 85.11%.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of the firm's stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Medtronic

Large investors have recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC increased its stake in shares of Medtronic by 37.8% in the third quarter. Chicago Partners Investment Group LLC now owns 4,870 shares of the medical technology company's stock worth $449,000 after purchasing an additional 1,337 shares in the last quarter. Clear Creek Financial Management LLC purchased a new position in shares of Medtronic in the third quarter worth about $280,000. Robeco Institutional Asset Management B.V. increased its stake in shares of Medtronic by 5.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 784,567 shares of the medical technology company's stock worth $70,635,000 after purchasing an additional 37,089 shares in the last quarter. Intact Investment Management Inc. increased its stake in shares of Medtronic by 9.9% in the third quarter. Intact Investment Management Inc. now owns 45,600 shares of the medical technology company's stock worth $4,105,000 after purchasing an additional 4,100 shares in the last quarter. Finally, Catalyst Capital Advisors LLC increased its stake in shares of Medtronic by 12.1% in the third quarter. Catalyst Capital Advisors LLC now owns 28,920 shares of the medical technology company's stock worth $2,604,000 after purchasing an additional 3,120 shares in the last quarter. Hedge funds and other institutional investors 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.