Medtronic (NYSE:MDT) Stock Price Up 4% – Should You Buy?

Medtronic plc (NYSE:MDTGet Free Report) shares shot up 4% on Tuesday . The stock traded as high as $85.29 and last traded at $85.07. 2,915,398 shares changed hands during trading, a decline of 56% from the average session volume of 6,649,315 shares. The stock had previously closed at $81.79.

Analysts Set New Price Targets

MDT has been the topic of several recent research reports. Truist Financial dropped their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Robert W. Baird cut their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Finally, Sanford C. Bernstein lifted their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $95.00.

Get Our Latest Report on Medtronic

Medtronic Stock Performance

The company has a market capitalization of $108.75 billion, a PE ratio of 25.94, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The stock’s fifty day simple moving average is $83.83 and its 200-day simple moving average is $84.96. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.25 EPS. As a group, equities analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

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 was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.30%. Medtronic’s payout ratio is currently 85.63%.

Insider Buying and Selling

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after purchasing an additional 5,975,110 shares in the last quarter. Bank of Montreal Can grew its position in shares of Medtronic by 65.0% in the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after acquiring an additional 1,790,483 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after acquiring an additional 1,420,263 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

About Medtronic

(Get Free Report)

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.

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