Medtronic (NYSE:MDT) Stock Price Down 0.1% – Here’s Why

Medtronic plc (NYSE:MDT)’s stock price traded down 0.1% during trading on Tuesday . The company traded as low as $87.81 and last traded at $88.18. 801,575 shares changed hands during trading, a decline of 87% from the average session volume of 6,170,045 shares. The stock had previously closed at $88.27.

Analyst Upgrades and Downgrades

MDT has been the subject of several research reports. Truist Financial upped their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Finally, Barclays upped their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Down 0.0 %

The stock has a market capitalization of $113.18 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 2.51 and a beta of 0.84. The firm has a 50-day moving average of $89.67 and a 200 day moving average of $84.57. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is presently 94.59%.

Institutional Trading of Medtronic

Hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC acquired a new position in Medtronic in the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC acquired a new position in Medtronic in the third quarter valued at approximately $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the 2nd quarter worth approximately $28,000. Finally, Gleason Group Inc. bought a new stake in shares of Medtronic in the 2nd quarter valued at $42,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.