Medtronic plc (NYSE:MDT - Get Free Report) traded down 0.1% during mid-day trading on Wednesday . The stock traded as low as $87.42 and last traded at $88.32. 900,573 shares were traded during mid-day trading, a decline of 89% from the average session volume of 7,892,040 shares. The stock had previously closed at $88.38.
A number of research firms have weighed in on MDT. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a report on Tuesday, October 1st. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a "hold" rating for the company in a research report on Wednesday, December 18th. Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price objective on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $95.00.
Check Out Our Latest Research Report on MDT
The stock has a market cap of $113.21 billion, a P/E ratio of 26.99, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The stock's 50-day moving average is $83.64 and its two-hundred day moving average is $85.37. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.
Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during 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 firm's revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.25 earnings per share. Equities research analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Friday, December 27th. Medtronic's payout ratio is 85.63%.
In other news, EVP Brett A. Wall sold 9,850 shares of the business's stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares of the company's stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in shares of Medtronic by 0.9% during the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company's stock worth $5,509,155,000 after purchasing an additional 520,027 shares during the last quarter. Pzena Investment Management LLC lifted its position in shares of Medtronic by 3.3% during 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 buying an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Medtronic by 436.7% in 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 valued at $661,125,000 after buying an additional 5,975,110 shares in the last quarter. Raymond James & Associates grew its position in shares of 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 buying an additional 145,504 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Medtronic by 11.5% during the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company's stock worth $530,612,000 after acquiring an additional 609,391 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.
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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