Medtronic (NYSE:MDT) Shares Up 0.1% – What’s Next?

Medtronic plc (NYSE:MDT) shares shot up 0.1% during trading on Thursday . The stock traded as high as $83.25 and last traded at $83.04. 1,394,625 shares were traded during trading, a decline of 78% from the average session volume of 6,230,028 shares. The stock had previously closed at $82.92.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MDT shares. Evercore ISI lifted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Robert W. Baird reduced their price target 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. Piper Sandler lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Truist Financial boosted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $95.27.

Medtronic Stock Down 0.3 %

The stock has a market capitalization of $106.01 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82. 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 company’s 50-day moving average is $87.87 and its 200 day moving average is $85.00.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $1.25 earnings per share. As a group, analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company 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 $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Hedge Funds Weigh In On Medtronic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fortitude Family Office LLC acquired a new stake in shares of Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic during the third quarter valued at $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic in the third quarter valued at $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic during the 3rd quarter worth about $30,000. Finally, Chelsea Counsel Co. purchased a new position in shares of Medtronic during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds 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.