Medtronic (NYSE:MDT) Trading Down 0.5% – Here’s What Happened

Medtronic plc (NYSE:MDT) dropped 0.5% during mid-day trading on Friday . The company traded as low as $81.88 and last traded at $82.31. Approximately 909,712 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 6,224,465 shares. The stock had previously closed at $82.73.

Analyst Upgrades and Downgrades

MDT has been the topic of several analyst reports. Stifel Nicolaus increased their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Oppenheimer boosted their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.27.

Medtronic Trading Down 0.3 %

The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $105.76 billion, a P/E ratio of 25.22, a P/E/G ratio of 2.35 and a beta of 0.82. The business’s fifty day simple moving average is $87.66 and its two-hundred day simple moving average is $85.01.

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

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Institutional Investors Weigh In On Medtronic

A number of institutional investors have recently bought and sold shares of the business. Copley Financial Group Inc. bought a new position in shares of Medtronic during the 3rd quarter worth about $694,000. Olstein Capital Management L.P. increased its stake in Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after acquiring an additional 14,000 shares during the period. Y Intercept Hong Kong Ltd raised its position in Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after purchasing an additional 56,178 shares in the last quarter. Ferguson Wellman Capital Management Inc. bought a new position in Medtronic during the third quarter worth about $9,486,000. Finally, Soltis Investment Advisors LLC boosted its holdings in Medtronic by 30.0% during the third quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock valued at $7,933,000 after purchasing an additional 20,352 shares in the last quarter. Institutional investors and hedge funds 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.