Medtronic (NYSE:MDT) Trading Down 1.5% After Insider Selling

Medtronic plc (NYSE:MDT) traded down 1.5% during trading on Friday following insider selling activity. The stock traded as low as $81.20 and last traded at $81.44. 1,844,192 shares traded hands during trading, a decline of 71% from the average session volume of 6,456,499 shares. The stock had previously closed at $82.68.

Specifically, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction on 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 directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

A number of analysts recently commented on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Finally, Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

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’s 50-day moving average price is $83.99 and its 200-day moving average price is $84.91. The stock has a market cap of $103.38 billion, a P/E ratio of 24.65, a PEG ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business 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 company earned $1.25 EPS. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. Sell-side analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MDT. Clear Harbor Asset Management LLC lifted its stake in shares of Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after purchasing an additional 111 shares during the last quarter. Guardian Wealth Management Inc. lifted its position in Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after buying an additional 115 shares during the last quarter. First PREMIER Bank boosted its stake in Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after buying an additional 116 shares during the period. First City Capital Management Inc. increased its position in Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after acquiring an additional 116 shares during the last quarter. Finally, Hardy Reed LLC raised its stake in shares of Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after acquiring an additional 116 shares during the period. 82.06% of the stock is owned by hedge funds and other 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.