Medtronic (NYSE:MDT) Trading 1.2% Higher – Still a Buy?

Medtronic plc (NYSE:MDT)’s share price traded up 1.2% during mid-day trading on Monday . The company traded as high as $88.63 and last traded at $88.23. 9,577,939 shares traded hands during trading, an increase of 77% from the average session volume of 5,401,241 shares. The stock had previously closed at $87.16.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MDT shares. JPMorgan Chase & Co. decreased their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Sanford C. Bernstein boosted their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Barclays boosted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 0.3 %

The stock has a fifty day moving average price of $83.64 and a two-hundred day moving average price of $85.29. The company has a market cap of $113.29 billion, a price-to-earnings ratio of 27.02, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate 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 revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated 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 owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC bought a new position in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at $27,000. J. Stern & Co. LLP bought a new position in shares of Medtronic in the 3rd quarter valued at $30,000. Finally, Kieckhefer Group LLC acquired a new position in shares of Medtronic during the 4th quarter worth $40,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.