Medtronic (NYSE:MDT) Trading 0% Higher Following Strong Earnings

Medtronic plc (NYSE:MDT)’s share price traded up 0% on Wednesday following a better than expected earnings announcement. The stock traded as high as $86.86 and last traded at $86.11. 2,200,731 shares traded hands during trading, a decline of 70% from the average session volume of 7,303,514 shares. The stock had previously closed at $86.07.

The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.22%. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Analyst Ratings Changes

MDT has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday. Robert W. Baird boosted their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Finally, Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.20.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Institutional Trading of Medtronic

A number of institutional investors and hedge funds have recently bought and sold shares of MDT. North Star Asset Management Inc. boosted its holdings in Medtronic by 12.8% in the 4th quarter. North Star Asset Management Inc. now owns 5,083 shares of the medical technology company’s stock worth $406,000 after acquiring an additional 578 shares during the period. GF Fund Management CO. LTD. purchased a new position in Medtronic in the 4th quarter worth approximately $2,838,000. University of Texas Texas AM Investment Management Co. boosted its holdings in Medtronic by 36.3% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 73,883 shares of the medical technology company’s stock worth $5,902,000 after acquiring an additional 19,679 shares during the period. Parr Mcknight Wealth Management Group LLC purchased a new position in Medtronic in the 4th quarter worth approximately $1,564,000. Finally, WCG Wealth Advisors LLC boosted its holdings in Medtronic by 24.6% in the 4th quarter. WCG Wealth Advisors LLC now owns 28,384 shares of the medical technology company’s stock worth $2,267,000 after acquiring an additional 5,606 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

The stock has a market cap of $111.62 billion, a PE ratio of 26.62, a PEG ratio of 2.63 and a beta of 0.84. The stock has a fifty day simple moving average of $85.82 and a two-hundred day simple moving average of $87.02. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

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.