Medtronic (NYSE:MDT) Trading Up 1.2% - Here's What Happened

Medtronic plc (NYSE:MDT - Get Free Report)'s stock price shot up 1.2% on Monday . The company traded as high as $88.63 and last traded at $88.23. 9,577,939 shares were traded during trading, an increase of 77% from the average session volume of 5,401,241 shares. The stock had previously closed at $87.16.

Analysts Set New Price Targets

A number of analysts have issued reports on MDT shares. Citigroup lifted their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Tuesday, October 1st. Sanford C. Bernstein boosted their target price on Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 20th. Truist Financial cut their price target on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, December 18th. Barclays lifted their price objective on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $95.00.

Medtronic Price Performance

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company has a market capitalization of $113.13 billion, a P/E ratio of 26.98, a P/E/G ratio of 2.28 and a beta of 0.83. The firm's fifty day moving average is $83.64 and its 200 day moving average is $85.21.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.27 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. The company's quarterly revenue was up 5.2% on a year-over-year basis. As a group, analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic's dividend payout ratio (DPR) is 85.63%.

Insider Activity

In other 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 transaction of $792,038.50. Following the completion of the sale, the executive vice president now owns 40,708 shares of the company's stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the third quarter worth about $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the 3rd quarter worth about $27,000. J. Stern & Co. LLP purchased a new position in Medtronic during the 3rd quarter valued at about $30,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $40,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

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.