Traders Buy Large Volume of Put Options on Medtronic (NYSE:MDT)

Medtronic plc (NYSE:MDT) was the recipient of unusually large options trading activity on Tuesday. Stock investors purchased 23,089 put options on the stock. This represents an increase of 110% compared to the typical volume of 11,013 put options.

Analysts Set New Price Targets

A number of research firms recently commented on MDT. Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Barclays raised their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.27.

Medtronic Trading Up 0.0 %

NYSE MDT opened at $81.37 on Wednesday. The firm has a market capitalization of $104.34 billion, a PE ratio of 24.88, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The business’s 50-day moving average price is $87.41 and its two-hundred day moving average price is $85.04. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic has a 12 month low of $75.96 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last posted 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 company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the prior year, the company posted $1.25 earnings per share. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, analysts expect that Medtronic will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio is presently 85.63%.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently made changes to their positions in the stock. Fortitude Family Office LLC acquired a new position in shares of Medtronic during the third quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new position in Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic during the 3rd quarter worth approximately $27,000. J. Stern & Co. LLP purchased a new stake in shares of Medtronic in the third quarter worth approximately $30,000. Finally, Chelsea Counsel Co. purchased a new stake in shares of Medtronic in the third quarter worth approximately $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.