Medtronic (NYSE:MDT) Price Target Raised to $100.00

Medtronic (NYSE:MDT) had its price objective boosted by Mizuho from $98.00 to $100.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the medical technology company’s stock.

Other equities research analysts also recently issued reports about the company. Citigroup upped their target price on Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Morgan Stanley reissued an “overweight” rating and set a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a report on Tuesday. Royal Bank Of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Finally, Truist Financial lowered their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Eleven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic has a consensus rating of “Moderate Buy” and a consensus price target of $98.19.

Medtronic Trading Up 0.1%

NYSE:MDT opened at $89.63 on Wednesday. The business has a fifty day moving average of $86.41 and a 200-day moving average of $87.13. Medtronic has a 1 year low of $78.32 and a 1 year high of $96.25. The stock has a market cap of $114.95 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 2.33 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter last year, the business posted $1.46 earnings per share. The company’s quarterly revenue was up 3.9% on a year-over-year basis. Equities analysts predict that Medtronic will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is 78.45%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Burkett Financial Services LLC lifted its position in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 185 shares in the last quarter. 1248 Management LLC purchased a new stake in shares of Medtronic during the first quarter worth $26,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter worth $27,000. Columbia River Financial Group LLC purchased a new stake in shares of Medtronic during the first quarter worth $28,000. Finally, Twin Tree Management LP purchased a new stake in shares of Medtronic during the first quarter worth $29,000. 82.06% of the stock is owned by institutional investors.

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.