Medtronic (NYSE:MDT) Price Target Raised to $76.00 at UBS Group

Medtronic (NYSE:MDT) had its price objective raised by UBS Group from $75.00 to $76.00 in a research report released on Friday, Benzinga reports. The firm currently has a sell rating on the medical technology company’s stock.

Several other brokerages also recently commented on MDT. Mizuho upped their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a buy rating in a research note on Wednesday, February 21st. Royal Bank of Canada reaffirmed a sector perform rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Truist Financial lowered their target price on shares of Medtronic from $90.00 to $88.00 and set a hold rating for the company in a research note on Friday. Oppenheimer increased 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. Finally, Needham & Company LLC reissued a hold rating on shares of Medtronic in a research report on Friday. 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 stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $94.45.

Medtronic Trading Up 1.1 %

NYSE MDT traded up $0.91 during trading hours on Friday, hitting $82.29. The company’s stock had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. The stock has a fifty day moving average of $82.81 and a 200 day moving average of $82.68. Medtronic has a twelve month low of $68.84 and a twelve month high of $91.00. The firm has a market capitalization of $109.27 billion, a P/E ratio of 29.92, a PEG 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.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the prior year, the firm earned $1.57 earnings per share. The business’s quarterly revenue was up .5% on a year-over-year basis. Equities research analysts forecast that Medtronic will post 5.45 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 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.40%. Medtronic’s dividend payout ratio is presently 100.36%.

Insider Buying and Selling at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Medtronic

A number of hedge funds have recently modified their holdings of the stock. Capital Research Global Investors lifted its stake in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Morgan Stanley increased its position in Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after acquiring an additional 1,994,123 shares during the period. Bank of New York Mellon Corp increased its position in Medtronic by 3.5% during the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after acquiring an additional 727,931 shares during the period. Norges Bank bought a new position in Medtronic during the fourth quarter worth about $1,229,726,000. Finally, Northern Trust Corp increased its position in Medtronic by 2.1% during the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after acquiring an additional 285,819 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.