Medtronic (NYSE:MDT) Price Target Cut to $88.00 by Analysts at Truist Financial

Medtronic (NYSE:MDT) had its price target reduced by Truist Financial from $90.00 to $88.00 in a research note released on Friday, Benzinga reports. They currently have a hold rating on the medical technology company’s stock.

A number of other research analysts also recently issued reports on MDT. Mizuho lifted their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Royal Bank of Canada restated a sector perform rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Needham & Company LLC restated a hold rating on shares of Medtronic in a research report on Friday. Finally, Oppenheimer boosted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a market perform rating in a research report on Wednesday, February 21st. One equities 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 company. According to data from MarketBeat, Medtronic presently has an average rating of Hold and a consensus price target of $94.45.

Medtronic Stock Up 1.1 %

Medtronic stock traded up $0.91 during trading on Friday, reaching $82.29. The stock had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. Medtronic has a 52-week low of $68.84 and a 52-week high of $91.00. The business has a 50 day moving average price of $82.81 and a 200 day moving average price of $82.68. 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 stock has a market cap of $109.27 billion, a PE ratio of 29.92, a P/E/G ratio of 2.65 and a beta of 0.78.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the firm earned $1.57 earnings per share. The firm’s quarterly revenue was up .5% on a year-over-year basis. On average, analysts predict that Medtronic will post 5.45 EPS for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.40%. The ex-dividend date is Friday, June 28th. Medtronic’s payout ratio is currently 100.36%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

A number of institutional investors and 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 worth $21,971,000 after purchasing an additional 10,890 shares during the period. Cetera Advisors LLC boosted its position in shares of 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 buying an additional 32,564 shares in the last quarter. Community Trust & Investment Co. boosted its position in shares of 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 buying an additional 5,342 shares in the last quarter. First City Capital Management Inc. boosted its position in shares of 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 buying an additional 500 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Medtronic in the 1st quarter worth about $49,313,000. 82.06% of the stock is owned by institutional investors and hedge funds.

About Medtronic

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.