Medtronic (NYSE:MDT) Stock Price Up 0.3% Following Analyst Upgrade

Medtronic plc (NYSE:MDT) shares rose 0.3% during trading on Thursday after UBS Group raised their price target on the stock from $85.00 to $95.00. UBS Group currently has a neutral rating on the stock. Medtronic traded as high as $87.22 and last traded at $87.27. Approximately 784,492 shares were traded during trading, a decline of 89% from the average daily volume of 7,324,802 shares. The stock had previously closed at $87.00.

Several other brokerages have also commented on MDT. JPMorgan Chase & Co. dropped their price target 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. Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird upped their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Sanford C. Bernstein upped their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.20.

Insider Activity

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

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently made changes to their positions in MDT. Norges Bank acquired a new stake in shares of Medtronic during the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. acquired a new stake in Medtronic in the 4th quarter valued at about $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake 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 purchasing an additional 5,975,110 shares during the last quarter. Beutel Goodman & Co Ltd. bought a new position in shares of Medtronic in the 4th quarter valued at about $377,169,000. Finally, Van ECK Associates Corp boosted its stake in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after purchasing an additional 2,476,935 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 1.3 %

The company has a market cap of $113.02 billion, a P/E ratio of 26.79, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The firm’s 50 day moving average price is $85.93 and its 200-day moving average price is $87.03.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.11%. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. As a group, equities research analysts expect that Medtronic plc will post 5.45 EPS for the current year.

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 paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.18%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.11%.

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.