Brokerages Set Medtronic PLC (NYSE:MDT) Price Target at $97.87

by · The Markets Daily

Shares of Medtronic PLC (NYSE:MDT – Get Free Report) have been assigned a consensus rating of “Moderate Buy” from the eighteen analysts that are currently covering the company, Marketbeat reports. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $97.87.

MDT has been the topic of several research reports. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank Of Canada decreased their price objective on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Finally, Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a report on Monday, June 16th.

Read Our Latest Research Report on MDT

Medtronic Stock Performance

Shares of NYSE MDT opened at $86.41 on Friday. The business’s 50-day simple moving average is $84.74 and its 200-day simple moving average is $86.31. Medtronic has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market cap of $110.83 billion, a price-to-earnings ratio of 23.87, a P/E/G ratio of 2.32 and a beta of 0.79.

Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the previous year, the company earned $1.46 earnings per share. Medtronic’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities research analysts expect that Medtronic will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.29%. Medtronic’s dividend payout ratio (DPR) is 77.35%.

Institutional Trading of Medtronic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mainstream Capital Management LLC bought a new position in Medtronic during the fourth quarter worth about $26,000. Burkett Financial Services LLC boosted its holdings in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after buying an additional 185 shares during the last quarter. 1248 Management LLC bought a new position in Medtronic during the first quarter worth about $26,000. Rakuten Securities Inc. boosted its holdings in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the last quarter. Finally, Wood Tarver Financial Group LLC bought a new position in shares of Medtronic during the 4th quarter valued at about $27,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

About Medtronic

(Get Free Report

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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