Medtronic (NYSE:MDT) Hits New 12-Month Low Following Analyst Downgrade

Shares of Medtronic plc (NYSE:MDTGet Rating) reached a new 52-week low during trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $122.00 to $110.00. The stock traded as low as $85.81 and last traded at $85.82, with a volume of 29875 shares changing hands. The stock had previously closed at $86.20.

MDT has been the subject of several other reports. Cowen lifted their price target on shares of Medtronic to $125.00 in a report on Monday, May 23rd. Truist Financial cut their target price on shares of Medtronic from $111.00 to $97.00 and set a “hold” rating for the company in a research note on Wednesday, July 20th. Sanford C. Bernstein reiterated a “buy” rating and set a $122.00 price target on shares of Medtronic in a research report on Friday, May 20th. Citigroup lowered their target price on Medtronic from $120.00 to $117.00 and set a “buy” rating for the company in a research note on Friday, May 27th. Finally, Wolfe Research initiated coverage on Medtronic in a report on Tuesday, July 5th. They set an “underperform” rating and a $85.00 price target for the company. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $111.52.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Landmark Wealth Management LLC purchased a new position in shares of Medtronic during the first quarter valued at $25,000. Castle Wealth Management LLC acquired a new position in Medtronic during the second quarter worth $28,000. Kenfarb & CO. acquired a new position in shares of Medtronic in the 4th quarter valued at $29,000. Syverson Strege & Co acquired a new position in Medtronic during the 1st quarter worth about $29,000. Finally, Tortoise Investment Management LLC increased its holdings in Medtronic by 53.2% during the 2nd quarter. Tortoise Investment Management LLC now owns 357 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 124 shares during the period. 79.81% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 1.1 %

The business has a fifty day moving average price of $91.01 and a 200 day moving average price of $98.88. The company has a current ratio of 1.58, a quick ratio of 1.23 and a debt-to-equity ratio of 0.33. The firm has a market cap of $115.78 billion, a PE ratio of 22.51, a P/E/G ratio of 2.30 and a beta of 0.75.

Medtronic (NYSE:MDTGet Rating) last issued its earnings results on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same period in the previous year, the company earned $1.41 EPS. Analysts forecast that Medtronic plc will post 5.53 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 23rd will be given a dividend of $0.68 per share. The ex-dividend date is Thursday, September 22nd. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.12%. Medtronic’s dividend payout ratio (DPR) is presently 70.28%.

About Medtronic

(Get Rating)

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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