Medtronic (NYSE:MDT) Price Target Raised to $96.00

Medtronic (NYSE:MDT) had its price target boosted by Truist Financial from $92.00 to $96.00 in a research note released on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the medical technology company’s stock.

MDT has been the topic of several other reports. Royal Bank Of Canada cut their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Mizuho lifted their price objective on shares of Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, July 16th. UBS Group lifted their price objective on shares of Medtronic from $94.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday. Sanford C. Bernstein lifted their price objective on shares of Medtronic from $97.00 to $98.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Wells Fargo & Company lifted their price objective on shares of Medtronic from $98.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $101.15.

Medtronic Trading Up 1.7%

Medtronic stock opened at $92.6210 on Thursday. The company has a market cap of $118.72 billion, a P/E ratio of 25.52, a PEG ratio of 2.36 and a beta of 0.80. The firm’s 50-day moving average is $89.73 and its 200-day moving average is $88.01. Medtronic has a 1 year low of $79.29 and a 1 year high of $96.25. 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 issued its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.56%. Medtronic’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities analysts expect that Medtronic will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, September 26th. Medtronic’s payout ratio is 78.24%.

Hedge Funds Weigh In On Medtronic

Several hedge funds have recently made changes to their positions in MDT. Norges Bank acquired a new position in shares of Medtronic in the 2nd quarter worth approximately $1,432,698,000. Boston Partners grew its stake in shares of Medtronic by 122.8% in the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company’s stock worth $619,460,000 after purchasing an additional 3,809,450 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Medtronic by 28.8% in the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company’s stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Medtronic by 42.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company’s stock worth $903,915,000 after purchasing an additional 3,017,849 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Medtronic in the 1st quarter worth approximately $260,649,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

About Medtronic

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.