Medtronic (NYSE:MDT) Trading 0.6% Higher

Medtronic plc (NYSE:MDT - Get Free Report) was up 0.6% during mid-day trading on Wednesday . The company traded as high as $80.75 and last traded at $80.70. Approximately 826,346 shares changed hands during trading, a decline of 87% from the average daily volume of 6,186,343 shares. The stock had previously closed at $80.24.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on MDT shares. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Truist Financial lifted their price target on Medtronic from $87.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, February 21st. Oppenheimer boosted their target price on Medtronic from $89.00 to $92.00 and gave the company a "market perform" rating in a report on Wednesday, February 21st. Finally, Mizuho boosted their target price on Medtronic from $95.00 to $98.00 and gave the company a "buy" rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Medtronic presently has an average rating of "Hold" and an average price target of $94.91.

Medtronic Price Performance

The stock has a market cap of $107.41 billion, a price-to-earnings ratio of 25.76, a PEG ratio of 2.77 and a beta of 0.76. The company has a 50-day moving average of $83.25 and a 200-day moving average of $81.37. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to analysts' expectations of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 EPS. As a group, equities research analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic's payout ratio is 87.90%.

Insiders Place Their Bets

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the company's stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Medtronic

Several hedge funds have recently bought and sold shares of MDT. Norges Bank purchased a new position in Medtronic in the 4th quarter valued at approximately $1,229,726,000. First Eagle Investment Management LLC increased its stake in Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company's stock valued at $775,169,000 after purchasing an additional 3,320,800 shares in the last quarter. Pzena Investment Management LLC increased its stake in Medtronic by 112.8% in the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company's stock valued at $449,048,000 after purchasing an additional 3,037,394 shares in the last quarter. Morgan Stanley grew its holdings in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company's stock valued at $1,863,229,000 after buying an additional 1,994,123 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Medtronic by 145.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company's stock valued at $195,431,000 after buying an additional 1,405,978 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

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.