Medtronic plc (NYSE:MDT) Receives $93.92 Consensus Target Price from Brokerages

Medtronic plc (NYSE:MDTGet Free Report) has been assigned an average rating of “Hold” from the eleven analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $93.92.

Several equities analysts have issued reports on MDT shares. Morgan Stanley cut their price target on shares of Medtronic from $104.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 22nd. Truist Financial lifted their price target on shares of Medtronic from $84.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. Finally, Royal Bank of Canada lifted their price target on shares of Medtronic from $82.00 to $92.00 and gave the stock a “sector perform” rating in a report on Friday, January 12th.

Read Our Latest Research Report on MDT

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 4,997 shares of Medtronic stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $82.17, for a total value of $410,603.49. Following the completion of the sale, the executive vice president now owns 28,910 shares in the company, valued at approximately $2,375,534.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. Illinois Municipal Retirement Fund lifted its stake in Medtronic by 307.2% during the second quarter. Illinois Municipal Retirement Fund now owns 119,389 shares of the medical technology company’s stock worth $10,518,000 after purchasing an additional 90,068 shares during the last quarter. Perceptive Advisors LLC acquired a new position in shares of Medtronic in the second quarter valued at approximately $41,143,000. Wealth Management Solutions LLC increased its holdings in shares of Medtronic by 22.6% in the second quarter. Wealth Management Solutions LLC now owns 5,162 shares of the medical technology company’s stock valued at $455,000 after purchasing an additional 952 shares during the period. Ropes Wealth Advisors LLC increased its holdings in shares of Medtronic by 21.4% in the third quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock valued at $565,000 after purchasing an additional 1,269 shares during the period. Finally, Wallace Advisory Group LLC grew its holdings in Medtronic by 19.3% during the third quarter. Wallace Advisory Group LLC now owns 4,889 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 792 shares during the period. Hedge funds and other institutional investors own 80.75% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $85.07 on Thursday. The company has a 50 day moving average price of $84.32 and a 200-day moving average price of $80.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.69 and a current ratio of 2.29. Medtronic has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The company has a market capitalization of $113.11 billion, a PE ratio of 27.71, a P/E/G ratio of 2.97 and a beta of 0.78.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The company had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $7.93 billion. Medtronic had a net margin of 12.83% and a return on equity of 13.73%. Medtronic’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.30 earnings per share. As a group, equities analysts forecast that Medtronic will post 5.16 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 12th. Investors of record on Wednesday, December 20th were issued a $0.69 dividend. The ex-dividend date of this dividend was Tuesday, December 19th. This represents a $2.76 annualized dividend and a yield of 3.24%. Medtronic’s dividend payout ratio (DPR) is presently 89.90%.

About Medtronic

(Get Free Report

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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Analyst Recommendations for Medtronic (NYSE:MDT)

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