Medtronic (NYSE:MDT) Shares Up 0.3% – Still a Buy?

Medtronic plc (NYSE:MDT) shot up 0.3% during mid-day trading on Tuesday . The company traded as high as $80.23 and last traded at $79.84. 880,980 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 6,214,068 shares. The stock had previously closed at $79.61.

Wall Street Analyst Weigh In

MDT has been the subject of a number of research analyst reports. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Sanford C. Bernstein raised their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Barclays raised their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. One 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, the stock has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

The firm’s 50 day moving average is $85.77 and its 200 day moving average is $84.93. 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 firm has a market cap of $101.94 billion, a P/E ratio of 24.31, a price-to-earnings-growth ratio of 2.33 and a beta of 0.82.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates 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 earned $1.25 EPS. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.52%. Medtronic’s dividend payout ratio is currently 85.63%.

Hedge Funds Weigh In On Medtronic

Institutional investors and hedge funds have recently made changes to their positions in the business. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the third quarter worth $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic during the third quarter valued at approximately $27,000. J. Stern & Co. LLP bought a new position in Medtronic in the third quarter worth approximately $30,000. Finally, Chelsea Counsel Co. bought a new stake in Medtronic during the 3rd quarter valued at $45,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

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.