Truist Financial Cuts Medtronic (NYSE:MDT) Price Target to $90.00

Medtronic (NYSE:MDT) had its price objective trimmed by Truist Financial from $93.00 to $90.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a hold rating on the medical technology company’s stock.

Other equities research analysts have also issued research reports about the stock. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank of Canada restated an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $96.14.

Medtronic Stock Up 0.2 %

MDT opened at $82.69 on Friday. The stock has a market capitalization of $106.05 billion, a price-to-earnings ratio of 25.13, a PEG ratio of 2.22 and a beta of 0.79. The firm has a 50 day moving average price of $89.71 and a 200-day moving average price of $87.63. Medtronic has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Equities research analysts forecast that Medtronic will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.39%. The ex-dividend date was Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by corporate insiders.

Institutional Trading of Medtronic

Several hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Medtronic in the fourth quarter worth about $1,163,580,000. Raymond James Financial Inc. purchased a new position in Medtronic during the 4th quarter valued at approximately $852,732,000. Beutel Goodman & Co Ltd. bought a new stake in Medtronic in the 4th quarter worth approximately $377,169,000. Van ECK Associates Corp raised its holdings in shares of Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after acquiring an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock worth $1,233,769,000 after acquiring an additional 2,333,600 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.