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| Shares of MDT Now OverboughtBy Dividend Channel Staff, Friday, January 6, 3:59 PM ET
In trading on Friday, shares of Medtronic, Inc. (NYSE:MDT) entered into overbought territory, changing hands as high as $39.20 per share. We define overbought territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be overbought if the RSI reading rises above 70. In the case of Medtronic, Inc., the RSI reading has hit 70.2 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 57.6. Investors could look at MDT's 70.2 reading as a sign that the recent heavy buying is in the process of exhausting itself, which could bring a pullback in the stock. The chart below shows the one year performance of MDT shares:
Looking at the chart above, MDT's low point in its 52 week range is $30.18 per share, with $43.33 as the 52 week high point — that compares with a last trade of $39.06. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on MDT is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
According to the ETF Finder at ETF Channel, MDT makes up 11.36% of the iShares Dow Jones U.S. Medical Devices Index Fund ETF (AMEX:IHI) which is trading up by about 0.4% on the day Friday. See what other ETFs contain MDT » MDT operates in the Medical Instruments & Supplies sector, among companies like Integra LifeSciences Holdings Corp (NASDAQ:IART) which is down about 19.2% today, and ArthroCare Corp. (NASDAQ:ARTC) trading lower by about 0.4%. Below is a three month price history chart comparing the stock performance of MDT, versus IART and ARTC.
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