Analysts Set Medtronic plc (NYSE:MDT) PT at $93.92

Medtronic plc (NYSE:MDTGet Free Report) has been assigned a consensus rating of “Hold” from the eleven analysts that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $93.92.

A number of brokerages recently issued reports on MDT. Truist Financial lifted their price target on shares of Medtronic from $84.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. Morgan Stanley decreased their target price on shares of Medtronic from $104.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 22nd. Finally, Royal Bank of Canada boosted their price objective on shares of Medtronic from $82.00 to $92.00 and gave the company a “sector perform” rating in a report on Friday, January 12th.

Check Out Our Latest Stock Report on Medtronic

Medtronic Stock Performance

Medtronic stock opened at $85.07 on Thursday. The firm’s fifty day moving average price is $84.32 and its 200-day moving average price is $80.35. The stock has a market cap of $113.11 billion, a P/E ratio of 27.71, a price-to-earnings-growth ratio of 2.97 and a beta of 0.78. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.69 and a current ratio of 2.29. Medtronic has a fifty-two week low of $68.84 and a fifty-two week high of $92.02.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly earnings results on Tuesday, November 21st. The medical technology company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.07. Medtronic had a net margin of 12.83% and a return on equity of 13.73%. The company had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $7.93 billion. During the same period last year, the company posted $1.30 EPS. Medtronic’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts expect that Medtronic will post 5.16 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Wednesday, December 20th were issued a $0.69 dividend. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a $2.76 annualized dividend and a dividend yield of 3.24%. Medtronic’s dividend payout ratio (DPR) is presently 89.90%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 4,997 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $82.17, for a total value of $410,603.49. Following the completion of the sale, the executive vice president now owns 28,910 shares in the company, valued at approximately $2,375,534.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in Medtronic by 0.3% during the 2nd quarter. State Street Corp now owns 60,146,861 shares of the medical technology company’s stock valued at $5,339,879,000 after purchasing an additional 175,765 shares during the period. Capital Research Global Investors boosted its holdings in shares of Medtronic by 4.9% in the 2nd quarter. Capital Research Global Investors now owns 31,493,771 shares of the medical technology company’s stock valued at $2,774,598,000 after buying an additional 1,475,241 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after buying an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp grew its position in Medtronic by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after purchasing an additional 508,205 shares during the last quarter. Finally, Norges Bank purchased a new stake in Medtronic during the 4th quarter worth approximately $1,229,726,000. Hedge funds and other institutional investors own 80.75% of the company’s stock.

About Medtronic

(Get Free Report

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.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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