Medtronic (NYSE:MDT) Trading 0% Higher – Here’s What Happened

Medtronic plc (NYSE:MDT)’s stock price was up 0% during mid-day trading on Monday . The company traded as high as $81.08 and last traded at $80.99. Approximately 1,873,621 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 4,232,257 shares. The stock had previously closed at $80.95.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MDT. Sanford C. Bernstein increased their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Robert W. Baird dropped their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 3.6 %

The stock has a 50 day moving average price of $84.46 and a 200 day moving average price of $84.92. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company has a market capitalization of $106.08 billion, a P/E ratio of 25.30, a PEG ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last posted its quarterly 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 net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. Medtronic’s revenue was up 5.2% on a year-over-year basis. Equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently made changes to their positions in the stock. Copley Financial Group Inc. purchased a new stake in Medtronic in the 3rd quarter worth approximately $694,000. Olstein Capital Management L.P. increased its holdings in shares of Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the period. Y Intercept Hong Kong Ltd raised its position in shares of Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after buying an additional 56,178 shares in the last quarter. Ferguson Wellman Capital Management Inc. purchased a new position in Medtronic during the third quarter worth about $9,486,000. Finally, Soltis Investment Advisors LLC increased its stake in Medtronic by 30.0% in the 3rd quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock worth $7,933,000 after acquiring an additional 20,352 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

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.