Medtronic (NYSE:MDT) Trading 2.2% Higher

Medtronic plc (NYSE:MDTGet Free Report)’s share price traded up 2.2% during mid-day trading on Friday . The stock traded as high as $84.22 and last traded at $84.13. 1,447,782 shares were traded during mid-day trading, a decline of 77% from the average session volume of 6,262,070 shares. The stock had previously closed at $82.34.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group started coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Wells Fargo & Company increased their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Truist Financial lowered their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research report on Friday, May 24th. UBS Group boosted their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. Finally, Mizuho raised their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $93.00.

Read Our Latest Stock Analysis on MDT

Medtronic Trading Up 2.1 %

The stock has a market cap of $111.63 billion, a P/E ratio of 30.57, a PEG ratio of 2.40 and a beta of 0.83. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The stock’s fifty day moving average price is $82.32 and its 200 day moving average price is $83.36.

Medtronic (NYSE:MDTGet Free Report) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.57 earnings per share. Equities research analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.70 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.33%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is presently 100.36%.

Insider Buying and Selling

In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Medtronic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the 4th quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. lifted its position in shares of Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new position in shares of Medtronic in the fourth quarter worth about $27,000. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic during the first quarter worth about $27,000. Finally, Financial Gravity Asset Management Inc. raised its stake in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

About Medtronic

(Get Free Report)

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.

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