Medtronic (NYSE:MDT) Stock Price Down 0% – What’s Next?

Medtronic plc (NYSE:MDT)’s share price dropped 0% on Thursday . The stock traded as low as $81.22 and last traded at $81.53. Approximately 509,463 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 6,238,044 shares. The stock had previously closed at $81.54.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird reduced their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Evercore ISI upped 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, Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Trading Up 0.2 %

The firm has a market capitalization of $104.75 billion, a PE ratio of 24.98, a price-to-earnings-growth ratio of 2.33 and a beta of 0.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a fifty day moving average of $86.39 and a 200-day moving average of $84.94.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (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 business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the company earned $1.25 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Friday, December 27th. Medtronic’s payout ratio is presently 85.63%.

Institutional Investors Weigh In On Medtronic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC acquired a new position in Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic during the third quarter valued at about $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the third quarter valued at about $27,000. J. Stern & Co. LLP acquired a new position in shares of Medtronic during the 3rd quarter worth about $30,000. Finally, Chelsea Counsel Co. acquired a new position in shares of Medtronic during the third quarter worth approximately $45,000. 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.