Medtronic plc (NYSE:MDT) Receives $93.00 Consensus Target Price from Brokerages

Shares of Medtronic plc (NYSE:MDT) have been given a consensus rating of “Hold” by the twelve analysts that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $93.00.

A number of analysts have recently issued reports on MDT shares. UBS Group increased their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Mizuho increased their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Wells Fargo & Company lifted their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th.

Medtronic Stock Down 0.8 %

Shares of MDT opened at $81.04 on Wednesday. Medtronic has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The company’s fifty day moving average is $82.01 and its two-hundred day moving average is $83.51. The firm has a market cap of $107.61 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 2.36 and a beta of 0.83. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.57 earnings per share. Analysts forecast that Medtronic will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.46%. Medtronic’s payout ratio is currently 100.36%.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the 4th quarter valued at about $25,000. LifeSteps Financial Inc. bought a new position in shares of Medtronic during the first quarter valued at approximately $27,000. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Medtronic during the 4th quarter worth approximately $27,000. Financial Gravity Asset Management Inc. lifted its holdings in shares of Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the last quarter. Finally, Tributary Capital Management LLC acquired a new position in Medtronic during the 1st quarter valued at approximately $33,000. 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.