Medtronic Sees Unusually Large Options Volume (NYSE:MDT)

Key Points

• Medtronic experienced a significant increase in put options volume, with 13,416 options traded, marking a 23% rise compared to the average volume.
• Despite the uptick in options trading, Medtronic's stock price fell by 0.3%, closing at $92.74 on the day of the report.
• The company announced a quarterly dividend of $0.71, reflecting a 3.1% annualized yield, set to be paid on October 17th.

Medtronic PLC (NYSE:MDT - Get Free Report) saw some unusual options trading on Monday. Investors acquired 13,416 put options on the company. Thisrepresentsanincreaseof23% compared to the typical volume of 10,946 put options.

Medtronic Stock Down 0.3%

Shares of NYSE:MDT traded down $0.29 during trading on Monday, hitting $92.74. 11,575,390 shares of the company's stock traded hands, compared to its average volume of 7,652,205. Medtronic has a 52 week low of $79.29 and a 52 week high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a market cap of $118.87 billion, a price-to-earnings ratio of 25.62, a price-to-earnings-growth ratio of 2.42 and a beta of 0.80. The company has a 50-day moving average price of $89.32 and a 200-day moving average price of $87.96.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the firm earned $1.46 EPS. Medtronic's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, research analysts forecast that Medtronic will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Burkett Financial Services LLC lifted its stake in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the last quarter. 1248 Management LLC acquired a new stake in Medtronic in the 1st quarter valued at about $26,000. Wood Tarver Financial Group LLC acquired a new stake in Medtronic during the fourth quarter worth approximately $27,000. Columbia River Financial Group LLC acquired a new stake in Medtronic during the first quarter worth approximately $28,000. Finally, Twin Tree Management LP acquired a new stake in Medtronic during the first quarter worth approximately $29,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MDT shares. Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Thursday. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Finally, Citigroup raised their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Twelve research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $98.19.

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.

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