Medtronic (NYSE:MDT) Shares Down 0.4% – Here’s Why

Medtronic plc (NYSE:MDT) dropped 0.4% on Wednesday . The stock traded as low as $87.73 and last traded at $87.97. Approximately 919,287 shares traded hands during trading, a decline of 85% from the average daily volume of 6,175,353 shares. The stock had previously closed at $88.30.

Wall Street Analysts Forecast Growth

MDT has been the topic of several recent research reports. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, Robert W. Baird raised their price objective on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Performance

The firm has a market cap of $112.41 billion, a PE ratio of 29.71, a P/E/G ratio of 2.52 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The stock has a 50-day moving average price of $89.65 and a 200 day moving average price of $84.63.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the firm earned $1.20 earnings per share. Research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.19%. 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 and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP grew its holdings in shares of Medtronic by 73.0% during the first quarter. GSA Capital Partners LLP now owns 4,945 shares of the medical technology company’s stock valued at $431,000 after purchasing an additional 2,086 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Medtronic by 1.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 781,261 shares of the medical technology company’s stock worth $68,087,000 after purchasing an additional 8,141 shares during the period. TD Asset Management Inc lifted its position in Medtronic by 0.3% in the first quarter. TD Asset Management Inc now owns 1,037,061 shares of the medical technology company’s stock worth $90,380,000 after purchasing an additional 2,847 shares during the period. SageView Advisory Group LLC lifted its position in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares during the period. Finally, Managed Asset Portfolios LLC lifted its position in Medtronic by 0.9% in the first quarter. Managed Asset Portfolios LLC now owns 247,526 shares of the medical technology company’s stock worth $21,572,000 after purchasing an additional 2,320 shares during the period. 82.06% of the stock is 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.