Medtronic (NYSE:MDT) Stock Price Up 0.5% – Still a Buy?

Medtronic plc (NYSE:MDT) traded up 0.5% on Friday . The company traded as high as $88.00 and last traded at $87.59. 2,332,438 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 7,801,272 shares. The stock had previously closed at $87.16.

Analysts Set New Price Targets

Several research firms have recently weighed in on MDT. Barclays upped their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reduced their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock 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 company from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. One 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. According to data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Trading Up 1.4 %

The company has a market capitalization of $113.37 billion, a price-to-earnings ratio of 27.04, a P/E/G ratio of 2.28 and a beta of 0.83. 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 business’s 50 day moving average price is $83.65 and its two-hundred day moving average price is $85.01.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.25 earnings per share. On average, equities analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. Medtronic’s payout ratio is presently 85.63%.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value 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. The trade was a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by corporate insiders.

Institutional Trading of Medtronic

Large investors have recently modified their holdings of the stock. State Street Corp raised its holdings in shares of Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after purchasing an additional 520,027 shares during the period. Pzena Investment Management LLC lifted its holdings in shares of Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after purchasing an additional 275,870 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Medtronic by 436.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after acquiring an additional 5,975,110 shares during the last quarter. Raymond James & Associates grew its position in Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after purchasing an additional 145,504 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in Medtronic by 11.5% in the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock valued at $530,612,000 after buying an additional 609,391 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.