Truist Financial Cuts Medtronic (NYSE:MDT) Price Target to $85.00

Medtronic (NYSE:MDT) had its target price lowered by Truist Financial from $88.00 to $85.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a hold rating on the medical technology company’s stock.

A number of other research analysts have also recently issued reports on MDT. Royal Bank of Canada restated a sector perform rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, June 5th. Needham & Company LLC restated a hold rating on shares of Medtronic in a report on Friday, May 24th. Citigroup decreased their price objective on shares of Medtronic from $90.00 to $85.00 and set a neutral rating for the company in a report on Wednesday, July 10th. UBS Group boosted their price objective on shares of Medtronic from $75.00 to $76.00 and gave the company a sell rating in a report on Friday, May 24th. Finally, Wells Fargo & Company lifted their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an overweight rating in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has an average rating of Hold and an average price target of $90.90.

Medtronic Stock Down 0.1 %

Shares of NYSE:MDT opened at $81.21 on Tuesday. Medtronic has a 12 month low of $68.84 and a 12 month high of $91.00. The company’s 50-day moving average price is $81.00 and its two-hundred day moving average price is $83.09. 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 cap of $104.13 billion, a P/E ratio of 29.53, a P/E/G ratio of 2.37 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping 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 company had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the previous year, the company earned $1.57 EPS. Medtronic’s revenue was up .5% on a year-over-year basis. As a group, research analysts forecast that Medtronic will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 101.82%.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction 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 sale, the chief executive officer now 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 accessible through the SEC website. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Medtronic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Equity Investment Corp raised its position in Medtronic by 27.9% during the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after acquiring an additional 292,459 shares in the last quarter. Loudon Investment Management LLC raised its position in Medtronic by 9.5% during the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after acquiring an additional 874 shares in the last quarter. BKM Wealth Management LLC bought a new stake in Medtronic during the fourth quarter worth $941,000. Chemung Canal Trust Co. raised its position in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after acquiring an additional 44,846 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in Medtronic by 8,340.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after acquiring an additional 1,026,274 shares in the last quarter. 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.