Medtronic Target of Unusually Large Options Trading (NYSE:MDT)

Medtronic plc (NYSE:MDTGet Rating) saw some unusual options trading on Wednesday. Stock traders acquired 11,283 call options on the stock. This is an increase of approximately 44% compared to the typical daily volume of 7,836 call options.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MDT. Wells Fargo & Company cut their target price on Medtronic from $104.00 to $96.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 24th. Morgan Stanley cut their target price on Medtronic from $103.00 to $101.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 24th. TheStreet downgraded Medtronic from a “b-” rating to a “c+” rating in a report on Monday, August 1st. Deutsche Bank Aktiengesellschaft cut their target price on Medtronic from $149.00 to $121.00 in a report on Friday, May 27th. Finally, Needham & Company LLC downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $111.52.

Medtronic Price Performance

MDT stock opened at $83.56 on Friday. The company has a market capitalization of $111.06 billion, a P/E ratio of 21.59, a price-to-earnings-growth ratio of 2.33 and a beta of 0.75. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.23 and a current ratio of 1.58. Medtronic has a 52-week low of $83.21 and a 52-week high of $131.31. The business has a 50-day simple moving average of $90.89 and a two-hundred day simple moving average of $97.66.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same quarter in the prior year, the company posted $1.41 earnings per share. Research analysts expect that Medtronic will post 5.53 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 23rd will be paid a $0.68 dividend. The ex-dividend date is Thursday, September 22nd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.26%. Medtronic’s payout ratio is presently 70.28%.

Hedge Funds Weigh In On Medtronic

Hedge funds and other institutional investors have recently modified their holdings of the business. Chase Investment Counsel Corp lifted its stake in Medtronic by 2.9% in the first quarter. Chase Investment Counsel Corp now owns 3,220 shares of the medical technology company’s stock valued at $357,000 after purchasing an additional 90 shares during the last quarter. Wedge Capital Management L L P NC lifted its stake in Medtronic by 3.6% in the first quarter. Wedge Capital Management L L P NC now owns 2,633 shares of the medical technology company’s stock valued at $292,000 after purchasing an additional 92 shares during the last quarter. Main Street Financial Solutions LLC lifted its stake in Medtronic by 0.9% in the first quarter. Main Street Financial Solutions LLC now owns 9,944 shares of the medical technology company’s stock valued at $1,103,000 after purchasing an additional 92 shares during the last quarter. Rosenberg Matthew Hamilton lifted its stake in Medtronic by 7.9% in the first quarter. Rosenberg Matthew Hamilton now owns 1,286 shares of the medical technology company’s stock valued at $143,000 after purchasing an additional 94 shares during the last quarter. Finally, Riverwater Partners LLC lifted its stake in Medtronic by 2.2% in the first quarter. Riverwater Partners LLC now owns 4,527 shares of the medical technology company’s stock valued at $502,000 after purchasing an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 79.81% of the company’s stock.

About Medtronic

(Get Rating)

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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