Medtronic (NYSE:MDT) Shares Down 0.5% – Time to Sell?

Medtronic plc (NYSE:MDT)’s share price dropped 0.5% on Thursday . The stock traded as low as $90.29 and last traded at $91.42. Approximately 2,181,214 shares changed hands during trading, a decline of 64% from the average daily volume of 6,042,669 shares. The stock had previously closed at $91.87.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent research reports. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Barclays lifted their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Truist Financial lowered their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $96.07.

Medtronic Trading Down 0.9 %

The business’s fifty day moving average is $90.67 and its 200 day moving average is $88.08. The stock has a market cap of $115.90 billion, a PE ratio of 27.47, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. As a group, analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is 85.11%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MDT. Segall Bryant & Hamill LLC bought a new position in Medtronic during the 3rd quarter worth approximately $2,641,000. Darwin Wealth Management LLC bought a new position in Medtronic during the third quarter worth about $27,000. Citizens Financial Group Inc. RI raised its position in shares of Medtronic by 31.5% in the third quarter. Citizens Financial Group Inc. RI now owns 15,873 shares of the medical technology company’s stock valued at $1,439,000 after purchasing an additional 3,805 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Medtronic by 2.8% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 813,041 shares of the medical technology company’s stock worth $73,198,000 after buying an additional 22,232 shares during the period. Finally, Cypress Capital Group grew its position in Medtronic by 28.9% during the third quarter. Cypress Capital Group now owns 12,473 shares of the medical technology company’s stock worth $1,123,000 after buying an additional 2,798 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.