Medtronic (NYSE:MDT) Trading 0.1% Higher After Dividend Announcement

Shares of Medtronic plc (NYSE:MDT) traded up 0.1% on Friday after the company announced a dividend. The company traded as high as $93.27 and last traded at $93.21. 1,267,090 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 6,009,186 shares. The stock had previously closed at $93.13.

The newly announced dividend which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is presently 85.11%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $92.00 to $107.00 in a report on Tuesday. Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. UBS Group boosted their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Robert W. Baird boosted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Trading Up 1.6 %

The business’s 50 day moving average is $88.33 and its two-hundred day moving average is $87.78. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $121.30 billion, a P/E ratio of 28.75, a PEG ratio of 2.22 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by company insiders.

Institutional Trading of Medtronic

Several institutional investors and hedge funds have recently bought and sold shares of MDT. Norges Bank acquired a new stake in Medtronic during the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. acquired a new stake in Medtronic during the 4th quarter worth about $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Medtronic by 436.7% during 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 worth $661,125,000 after buying an additional 5,975,110 shares during the period. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic during the 4th quarter worth about $377,169,000. Finally, Van ECK Associates Corp raised its holdings in Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after buying an additional 2,476,935 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.