Traders Sell Shares of Medtronic (MDT) on Strength (MDT)

Investors sold shares of Medtronic PLC (NYSE:MDT) on strength during trading on Tuesday. $69.88 million flowed into the stock on the tick-up and $209.08 million flowed out of the stock on the tick-down, for a money net flow of $139.20 million out of the stock. Of all stocks tracked, Medtronic had the 33rd highest net out-flow for the day. Medtronic traded up $0.77 for the day and closed at $92.66

MDT has been the subject of several research analyst reports. Raymond James dropped their target price on shares of Medtronic from $105.00 to $104.00 and set an “outperform” rating for the company in a research report on Wednesday, November 21st. UBS Group initiated coverage on shares of Medtronic in a research report on Wednesday, November 28th. They issued a “buy” rating and a $112.00 target price for the company. Credit Suisse Group assumed coverage on shares of Medtronic in a research report on Monday, December 17th. They issued an “outperform” rating and a $109.00 target price for the company. JPMorgan Chase & Co. raised shares of Medtronic from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $100.00 to $109.00 in a research report on Wednesday, December 19th. Finally, Citigroup downgraded shares of Medtronic from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $109.00 to $96.00 in a research report on Wednesday, January 2nd. Ten investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $103.43.

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.92 and a current ratio of 2.36. The stock has a market cap of $123.33 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 2.23 and a beta of 0.82.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The firm had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a net margin of 16.10% and a return on equity of 13.85%. Medtronic’s revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.17 EPS. Sell-side analysts predict that Medtronic PLC will post 5.15 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Thursday, March 21st. Medtronic’s payout ratio is 41.93%.

In related news, CFO Karen L. Parkhill purchased 3,000 shares of Medtronic stock in a transaction dated Wednesday, January 9th. The stock was bought at an average cost of $83.87 per share, with a total value of $251,610.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Omar Ishrak purchased 12,000 shares of Medtronic stock in a transaction dated Wednesday, January 9th. The stock was bought at an average cost of $84.05 per share, with a total value of $1,008,600.00. The disclosure for this purchase can be found here. Insiders own 0.28% of the company’s stock.

Several large investors have recently modified their holdings of the company. Pinnacle Bank acquired a new stake in shares of Medtronic in the 4th quarter worth approximately $284,000. Arbor Wealth Management LLC acquired a new stake in shares of Medtronic in the 4th quarter worth approximately $49,000. American Century Companies Inc. lifted its stake in shares of Medtronic by 23.0% in the 4th quarter. American Century Companies Inc. now owns 9,746,733 shares of the medical technology company’s stock worth $886,563,000 after acquiring an additional 1,821,093 shares during the period. Belpointe Asset Management LLC lifted its stake in shares of Medtronic by 11.0% in the 4th quarter. Belpointe Asset Management LLC now owns 3,385 shares of the medical technology company’s stock worth $308,000 after acquiring an additional 335 shares during the period. Finally, Sowell Financial Services LLC lifted its stake in shares of Medtronic by 9.4% in the 4th quarter. Sowell Financial Services LLC now owns 9,856 shares of the medical technology company’s stock worth $897,000 after acquiring an additional 847 shares during the period. 80.59% of the stock is owned by institutional investors.

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Medtronic Company Profile (NYSE:MDT)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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