Citigroup Trims Medtronic (NYSE:MDT) Target Price to $85.00

Medtronic (NYSE:MDT) had its target price lowered by Citigroup from $90.00 to $85.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the medical technology company’s stock.

Several other analysts have also weighed in on the stock. UBS Group raised their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a sell rating in a report on Friday, May 24th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a report on Thursday, May 30th. They set a sell rating and a $83.00 price objective for the company. Needham & Company LLC reaffirmed a hold rating on shares of Medtronic in a report on Friday, May 24th. Royal Bank of Canada reaffirmed a sector perform rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, June 5th. Finally, Truist Financial decreased their price target on shares of Medtronic from $90.00 to $88.00 and set a hold rating on the stock in a research note on Friday, May 24th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $91.09.

Medtronic Stock Performance

NYSE:MDT opened at $77.95 on Wednesday. Medtronic has a 12-month low of $68.84 and a 12-month high of $91.00. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $99.95 billion, a PE ratio of 28.35, a price-to-earnings-growth ratio of 2.25 and a beta of 0.82. The firm has a 50-day moving average price of $81.20 and a 200 day moving average price of $83.18.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the business posted $1.57 earnings per share. Research analysts anticipate that Medtronic will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.59%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fortitude Family Office LLC bought a new position in shares of Medtronic during the fourth quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. boosted its position in shares of Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new position in shares of Medtronic during the fourth quarter worth $27,000. LifeSteps Financial Inc. bought a new position in shares of Medtronic during the first quarter worth $27,000. Finally, Lynx Investment Advisory bought a new position in shares of Medtronic during the second quarter worth $28,000. 82.06% of the stock is 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.