Medtronic (NYSE:MDT) Stock Price Up 0.5% – Time to Buy?

Medtronic plc (NYSE:MDT) rose 0.5% during mid-day trading on Friday . The stock traded as high as $88.00 and last traded at $87.59. Approximately 2,332,438 shares changed hands during trading, a decline of 70% from the average daily volume of 7,801,272 shares. The stock had previously closed at $87.16.

Analyst Ratings Changes

Several brokerages have commented on MDT. Wells Fargo & Company lowered their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 1.2 %

The firm has a market capitalization of $113.13 billion, a PE ratio of 26.98, a P/E/G ratio of 2.28 and a beta of 0.83. The firm has a 50 day simple moving average of $83.64 and a 200 day simple moving average of $85.10. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the firm posted $1.25 earnings per share. Medtronic’s revenue was up 5.2% compared to the same quarter last year. Equities analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued 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 payout ratio is 85.63%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

Several institutional investors have recently made changes to their positions in the business. Cerro Pacific Wealth Advisors LLC grew its position in Medtronic by 47.4% during the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 8,425 shares of the medical technology company’s stock valued at $673,000 after buying an additional 2,708 shares during the period. Apeiron RIA LLC grew its position in shares of Medtronic by 41.1% during the 4th quarter. Apeiron RIA LLC now owns 3,724 shares of the medical technology company’s stock valued at $297,000 after acquiring an additional 1,084 shares during the period. Secure Asset Management LLC purchased a new stake in shares of Medtronic in the 4th quarter worth $285,000. Red Door Wealth Management LLC raised its holdings in Medtronic by 13.8% in the 4th quarter. Red Door Wealth Management LLC now owns 4,225 shares of the medical technology company’s stock worth $337,000 after purchasing an additional 512 shares during the period. Finally, Donoghue Forlines LLC purchased a new position in Medtronic during the fourth quarter valued at $1,504,000. Institutional investors 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.