Medtronic (NYSE:MDT) Given New $105.00 Price Target at Wells Fargo & Company

Medtronic (NYSE:MDT) had its target price raised by Wells Fargo & Company from $102.00 to $105.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the medical technology company’s stock.

MDT has been the subject of several other research reports. Royal Bank of Canada reaffirmed a sector perform rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Mizuho lifted their price target on Medtronic from $95.00 to $98.00 and gave the stock a buy rating in a research report on Wednesday, February 21st. Needham & Company LLC reaffirmed a hold rating on shares of Medtronic in a research report on Friday. Oppenheimer lifted their price target on Medtronic from $89.00 to $92.00 and gave the stock a market perform rating in a research report on Wednesday, February 21st. Finally, Truist Financial lowered their price target on Medtronic from $90.00 to $88.00 and set a hold rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $94.45.

Medtronic Stock Up 1.1 %

Shares of MDT stock traded up $0.91 during mid-day trading on Friday, reaching $82.29. 8,732,273 shares of the company’s stock traded hands, compared to its average volume of 5,738,687. Medtronic has a 12 month low of $68.84 and a 12 month high of $91.00. The company has a market cap of $109.27 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.65 and a beta of 0.78. The company has a quick ratio of 1.71, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The company’s 50-day moving average price is $82.81 and its 200-day moving average price is $82.68.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the previous year, the business posted $1.57 EPS. The company’s quarterly revenue was up .5% on a year-over-year basis. On average, equities analysts expect that Medtronic will post 5.45 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.40%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is presently 100.36%.

Insider Activity

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Cetera Advisor Networks LLC grew its stake in shares of Medtronic by 4.5% during the 1st quarter. Cetera Advisor Networks LLC now owns 252,106 shares of the medical technology company’s stock valued at $21,971,000 after acquiring an additional 10,890 shares during the period. Cetera Advisors LLC boosted its stake in Medtronic by 63.3% in the 1st quarter. Cetera Advisors LLC now owns 83,977 shares of the medical technology company’s stock worth $7,319,000 after purchasing an additional 32,564 shares during the period. Community Trust & Investment Co. boosted its stake in Medtronic by 16.2% in the 1st quarter. Community Trust & Investment Co. now owns 38,418 shares of the medical technology company’s stock worth $3,348,000 after purchasing an additional 5,342 shares during the period. First City Capital Management Inc. boosted its stake in Medtronic by 11.2% in the 1st quarter. First City Capital Management Inc. now owns 4,979 shares of the medical technology company’s stock worth $434,000 after purchasing an additional 500 shares during the period. Finally, Swedbank AB bought a new position in Medtronic in the 1st quarter worth approximately $49,313,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Company Profile

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.