Medtronic (NYSE:MDT) Trading 0.2% Higher – Time to Buy?

Medtronic plc (NYSE:MDT) traded up 0.2% during mid-day trading on Friday . The stock traded as high as $89.35 and last traded at $89.47. 1,536,779 shares were traded during mid-day trading, a decline of 80% from the average session volume of 7,603,881 shares. The stock had previously closed at $89.25.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Truist Financial decreased their price objective 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. Citigroup increased their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Barclays increased their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. 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 research note on Wednesday, November 20th. Finally, Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Trading Up 0.7 %

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 firm has a market cap of $115.26 billion, a PE ratio of 27.49, a PEG ratio of 2.49 and a beta of 0.83. The stock’s 50 day simple moving average is $83.70 and its 200 day simple moving average is $85.41.

Medtronic (NYSE:MDT) last released 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 business had revenue of $8.40 billion during 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. On average, sell-side analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.70 per share. 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 3.11%. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Activity at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. AE Wealth Management LLC grew its position in Medtronic by 24.7% during the 2nd quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock valued at $754,000 after purchasing an additional 1,896 shares during the last quarter. Public Sector Pension Investment Board grew its position in Medtronic by 68.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 51,014 shares of the medical technology company’s stock valued at $4,015,000 after purchasing an additional 20,660 shares during the last quarter. Marshall Wace LLP grew its position in Medtronic by 1,192.9% during the 2nd quarter. Marshall Wace LLP now owns 267,936 shares of the medical technology company’s stock valued at $21,089,000 after purchasing an additional 247,213 shares during the last quarter. Armistice Capital LLC grew its position in Medtronic by 30.4% during the 2nd quarter. Armistice Capital LLC now owns 824,511 shares of the medical technology company’s stock valued at $64,897,000 after purchasing an additional 192,152 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Medtronic by 7.3% during the 2nd quarter. AQR Capital Management LLC now owns 1,445,131 shares of the medical technology company’s stock valued at $113,486,000 after purchasing an additional 98,901 shares during the last quarter. 82.06% of the stock is currently 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.