Investors Buy Shares of Medtronic (MDT) on Weakness
Traders purchased shares of Medtronic PLC (NYSE:MDT) on weakness during trading hours on Wednesday. $89.31 million flowed into the stock on the tick-up and $57.67 million flowed out of the stock on the tick-down, for a money net flow of $31.64 million into the stock. Of all stocks tracked, Medtronic had the 13th highest net in-flow for the day. Medtronic traded down ($0.08) for the day and closed at $81.92
A number of analysts have recently issued reports on MDT shares. Royal Bank of Canada restated a “buy” rating and set a $90.00 price objective on shares of Medtronic in a research report on Monday, August 21st. Oppenheimer restated a “buy” rating and set a $92.00 price objective on shares of Medtronic in a research report on Tuesday, August 22nd. Cowen set a $95.00 price objective on Medtronic and gave the company a “buy” rating in a research report on Tuesday, August 22nd. BMO Capital Markets restated an “outperform” rating and set a $92.00 price objective (down from $94.00) on shares of Medtronic in a research report on Wednesday, August 23rd. Finally, Barclays lowered their price objective on Medtronic from $94.00 to $92.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have assigned a buy rating to the company. Medtronic has a consensus rating of “Hold” and a consensus price target of $88.57.
The stock has a market capitalization of $110,878.55, a PE ratio of 17.66, a price-to-earnings-growth ratio of 2.26 and a beta of 1.00. The company has a current ratio of 2.40, a quick ratio of 2.05 and a debt-to-equity ratio of 0.50.
Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.08. The firm had revenue of $7.05 billion for the quarter, compared to analysts’ expectations of $7.05 billion. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The business’s revenue was down 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.12 earnings per share. equities research analysts expect that Medtronic PLC will post 4.77 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Shareholders of record on Friday, December 29th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Thursday, December 28th. Medtronic’s dividend payout ratio is currently 50.41%.
In other Medtronic news, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $79.02, for a total value of $1,264,320.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.31% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of MDT. Parametric Portfolio Associates LLC lifted its stake in shares of Medtronic by 7.5% during the third quarter. Parametric Portfolio Associates LLC now owns 2,208,053 shares of the medical technology company’s stock valued at $171,720,000 after acquiring an additional 154,332 shares during the period. AXA lifted its stake in shares of Medtronic by 4.3% during the third quarter. AXA now owns 702,275 shares of the medical technology company’s stock valued at $54,616,000 after acquiring an additional 28,709 shares during the period. Crestwood Advisors Group LLC lifted its stake in shares of Medtronic by 1.7% during the third quarter. Crestwood Advisors Group LLC now owns 251,995 shares of the medical technology company’s stock valued at $19,598,000 after acquiring an additional 4,275 shares during the period. GSA Capital Partners LLP lifted its stake in shares of Medtronic by 468.3% during the third quarter. GSA Capital Partners LLP now owns 41,130 shares of the medical technology company’s stock valued at $3,199,000 after acquiring an additional 33,893 shares during the period. Finally, Gofen & Glossberg LLC IL lifted its stake in shares of Medtronic by 9.2% during the third quarter. Gofen & Glossberg LLC IL now owns 7,599 shares of the medical technology company’s stock valued at $591,000 after acquiring an additional 642 shares during the period. 81.86% of the stock is currently owned by institutional investors.
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Medtronic Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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