Medtronic (NYSE:MDT) Stock Price Up 1% – What’s Next?

Medtronic plc (NYSE:MDT) shares traded up 1% during trading on Tuesday . The company traded as high as $81.07 and last traded at $80.64. 1,700,037 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 5,075,351 shares. The stock had previously closed at $79.84.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDT. Sanford C. Bernstein upped their price target on shares of 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 raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, Truist Financial decreased their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 0.5 %

The stock’s 50-day moving average price is $84.67 and its 200-day moving average price is $84.93. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a market cap of $102.88 billion, a price-to-earnings ratio of 24.54, a P/E/G ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued 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. The firm 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 company’s revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 earnings per share. On average, sell-side analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Institutional Investors Weigh In On Medtronic

Several institutional investors have recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the 3rd quarter worth about $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic in the third quarter worth about $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic in the third quarter valued at about $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic during the 3rd quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $45,000. Institutional investors own 82.06% of the company’s stock.

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.