Medtronic (NYSE:MDT) Stock Price Up 0.2% Following Dividend Announcement

Medtronic plc (NYSE:MDT)’s stock price rose 0.2% during trading on Friday following a dividend announcement from the company. The stock traded as high as $84.55 and last traded at $84.28. Approximately 924,152 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 6,245,974 shares. The stock had previously closed at $84.14.

The newly announced dividend which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.33%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent analyst reports. Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Truist Financial upped their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus price target of $95.27.

Medtronic Stock Down 0.2 %

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The business has a 50 day simple moving average of $88.35 and a 200 day simple moving average of $85.00. The company has a market capitalization of $107.70 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.43 and a beta of 0.82.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $1.25 earnings per share. As a group, equities analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Institutional Trading of Medtronic

Several hedge funds have recently modified their holdings of the stock. Oddo BHF Asset Management Sas acquired a new stake in shares of Medtronic in the third quarter valued at $415,000. Inspire Trust Co. N.A. raised its stake in shares of Medtronic by 19.6% in the third quarter. Inspire Trust Co. N.A. now owns 36,500 shares of the medical technology company’s stock valued at $3,286,000 after acquiring an additional 5,993 shares in the last quarter. Old North State Trust LLC raised its stake in shares of Medtronic by 7.5% in the third quarter. Old North State Trust LLC now owns 3,013 shares of the medical technology company’s stock valued at $271,000 after acquiring an additional 210 shares in the last quarter. Synovus Financial Corp raised its stake in shares of Medtronic by 1.2% in the third quarter. Synovus Financial Corp now owns 66,738 shares of the medical technology company’s stock valued at $6,008,000 after acquiring an additional 783 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB raised its stake in shares of Medtronic by 449.3% in the third quarter. Wilmington Savings Fund Society FSB now owns 73,373 shares of the medical technology company’s stock valued at $6,606,000 after acquiring an additional 60,016 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.