Weekly Research Analysts’ Ratings Updates for Medtronic (MDT)

Medtronic (NYSE: MDT) recently received a number of ratings updates from brokerages and research firms:

• 4/24/2023 – Medtronic was upgraded by analysts at Barclays PLC from an “equal weight” rating to an “overweight” rating.
• 4/24/2023 – Medtronic was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating. They now have a $100.00 price target on the stock, up previously from $77.00.
• 4/24/2023 – Medtronic had its price target raised by analysts at Truist Financial Co. from $88.00 to $93.00.
• 4/21/2023 – Medtronic had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $89.00 price target on the stock.
• 4/17/2023 – Medtronic had its price target lowered by analysts at Truist Financial Co. from $90.00 to $88.00. They now have a “hold” rating on the stock.
• 3/29/2023 – Medtronic was downgraded by analysts at UBS Group AG from a “buy” rating to a “sell” rating. They now have a $79.00 price target on the stock, down previously from $127.00.
• 3/16/2023 – Medtronic is now covered by analysts at StockNews.com. They set a “buy” rating on the stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $89.41 on Thursday. The company has a market capitalization of $118.95 billion, a PE ratio of 29.41, a P/E/G ratio of 2.15 and a beta of 0.71. Medtronic plc has a twelve month low of $75.76 and a twelve month high of $106.33. The firm has a fifty day simple moving average of $82.84 and a 200 day simple moving average of $81.88. The company has a quick ratio of 1.39, a current ratio of 1.76 and a debt-to-equity ratio of 0.43.

Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings results on Tuesday, February 21st. The medical technology company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.03. The business had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a net margin of 13.20% and a return on equity of 13.37%. Medtronic’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 EPS. On average, sell-side analysts forecast that Medtronic plc will post 5.28 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 24th were issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date was Thursday, March 23rd. Medtronic’s dividend payout ratio (DPR) is currently 89.47%.

Institutional Trading of Medtronic

A number of hedge funds and other institutional investors have recently bought and sold shares of MDT. Moneta Group Investment Advisors LLC boosted its position in Medtronic by 127,655.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after buying an additional 14,149,287 shares during the period. Norges Bank bought a new stake in Medtronic in the fourth quarter valued at approximately $1,062,316,000. BlackRock Inc. boosted its stake in shares of Medtronic by 5.1% during the third quarter. BlackRock Inc. now owns 115,998,561 shares of the medical technology company’s stock valued at $9,366,883,000 after purchasing an additional 5,620,477 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Medtronic by 33.1% in the third quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock worth $1,564,508,000 after purchasing an additional 4,816,172 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Medtronic by 322.3% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,554,073 shares of the medical technology company’s stock worth $286,991,000 after buying an additional 2,712,530 shares during the period. Institutional investors own 80.37% of the company’s stock.

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.