Medtronic (NYSE:MDT) Trading Down 0.3%

Shares of Medtronic plc (NYSE:MDT) dropped 0.3% on Wednesday . The stock traded as low as $81.39 and last traded at $81.66. Approximately 814,674 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 6,122,493 shares. The stock had previously closed at $81.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Truist Financial lifted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Mizuho boosted their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Oppenheimer increased their price objective on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $94.91.

Medtronic Trading Down 0.4 %

The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company’s 50 day simple moving average is $83.01 and its 200-day simple moving average is $81.69. The firm has a market cap of $108.28 billion, a P/E ratio of 26.01, a P/E/G ratio of 2.66 and a beta of 0.78.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion during the quarter, compared to analyst estimates of $7.95 billion. During the same period in the previous year, the firm earned $1.30 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. As a group, research analysts predict that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.38%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Institutional Trading of Medtronic

Several institutional investors have recently bought and sold shares of MDT. Fortitude Family Office LLC acquired a new stake in Medtronic in the 4th quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. boosted its stake in Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Medtronic during the fourth quarter worth $27,000. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic in the first quarter valued at about $27,000. Finally, Financial Gravity Asset Management Inc. boosted its position in Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares during the last quarter. 82.06% of the stock is 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.