Leerink Swann reaffirmed their market perform rating on shares of Medtronic PLC (NYSE:MDT) in a research report released on Monday morning. Leerink Swann currently has a $85.00 target price on the medical technology company’s stock, down from their prior target price of $88.00. Leerink Swann also issued estimates for Medtronic PLC’s Q2 2018 earnings at $0.91 EPS, Q4 2018 earnings at $1.43 EPS, FY2018 earnings at $4.65 EPS, Q1 2019 earnings at $1.16 EPS, Q2 2019 earnings at $1.08 EPS, Q4 2019 earnings at $1.53 EPS, FY2019 earnings at $5.05 EPS, FY2020 earnings at $5.45 EPS and FY2021 earnings at $5.84 EPS.
Several other analysts have also issued reports on MDT. SunTrust Banks, Inc. restated a buy rating and set a $96.00 price target on shares of Medtronic PLC in a research report on Monday, October 2nd. BidaskClub upgraded shares of Medtronic PLC from a sell rating to a hold rating in a report on Friday, August 11th. Royal Bank Of Canada dropped their target price on shares of Medtronic PLC from $90.00 to $85.00 and set an outperform rating for the company in a report on Monday. Jefferies Group LLC reiterated a buy rating and set a $96.00 target price on shares of Medtronic PLC in a report on Thursday, September 28th. Finally, Zacks Investment Research lowered shares of Medtronic PLC from a hold rating to a sell rating in a report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $87.88.
Medtronic PLC (MDT) opened at 77.92 on Monday. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72. The company has a market capitalization of $105.55 billion, a price-to-earnings ratio of 26.23 and a beta of 1.01. The stock has a 50 day moving average price of $79.63 and a 200 day moving average price of $83.23.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The business had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.44 billion. During the same period in the prior year, the business posted $1.03 earnings per share. The company’s revenue was up 3.1% on a year-over-year basis. Equities research analysts forecast that Medtronic PLC will post $4.66 earnings per share for the current year.
Medtronic PLC declared that its Board of Directors has authorized a share buyback plan on Friday, June 23rd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the medical technology company to buy up to 49% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s dividend payout ratio is 61.95%.
In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Medtronic PLC by 2.4% during the second quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock valued at $9,298,872,000 after acquiring an additional 2,454,380 shares in the last quarter. BlackRock Inc. increased its position in shares of Medtronic PLC by 2.8% during the second quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock valued at $7,944,210,000 after acquiring an additional 2,476,853 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Medtronic PLC by 3.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock valued at $4,724,526,000 after acquiring an additional 1,729,715 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Medtronic PLC by 43.8% during the second quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock valued at $1,745,699,000 after acquiring an additional 5,991,094 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Medtronic PLC by 7.3% during the first quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock valued at $1,070,622,000 after acquiring an additional 906,581 shares in the last quarter. 80.63% of the stock is owned by institutional investors and hedge funds.
About Medtronic PLC
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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