Medtronic (MDT) – Investment Analysts’ Recent Ratings Updates

Medtronic (NYSE: MDT) has recently received a number of price target changes and ratings updates:

• 8/23/2024 – Medtronic was upgraded by analysts at Daiwa America to a “strong-buy” rating.
• 8/23/2024 – Medtronic had its price target raised by analysts at Truist Financial Co. from $85.00 to $90.00. They now have a “hold” rating on the stock.
• 8/22/2024 – Medtronic had its price target raised by analysts at Barclays PLC from $104.00 to $105.00. They now have an “overweight” rating on the stock.
• 8/21/2024 – Medtronic had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $92.00 price target on the stock.
• 8/21/2024 – Medtronic had its price target raised by analysts at Wells Fargo & Company from $105.00 to $106.00. They now have an “overweight” rating on the stock.
• 8/21/2024 – Medtronic had its price target raised by analysts at Piper Sandler from $85.00 to $90.00. They now have a “neutral” rating on the stock.
• 8/21/2024 – Medtronic had its price target raised by analysts at Robert W. Baird from $82.00 to $90.00. They now have a “neutral” rating on the stock.
• 8/21/2024 – Medtronic had its price target raised by analysts at Oppenheimer Holdings Inc. from $92.00 to $94.00. They now have a “market perform” rating on the stock.
• 8/21/2024 – Medtronic had its price target raised by analysts at Stifel Nicolaus from $85.00 to $87.00. They now have a “hold” rating on the stock.
• 8/20/2024 – Medtronic had its “hold” rating reaffirmed by analysts at Needham & Company LLC.
• 8/15/2024 – Medtronic was upgraded by analysts at UBS Group AG from a “sell” rating to a “neutral” rating. They now have a $90.00 price target on the stock, up previously from $76.00.
• 8/14/2024 – Medtronic was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating. They now have a $85.00 price target on the stock, down previously from $100.00.
• 8/12/2024 – Medtronic had its “hold” rating reaffirmed by analysts at Needham & Company LLC.
• 7/17/2024 – Medtronic had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $92.00 price target on the stock.
• 7/16/2024 – Medtronic had its price target lowered by analysts at Truist Financial Co. from $88.00 to $85.00. They now have a “hold” rating on the stock.
• 7/10/2024 – Medtronic had its price target lowered by analysts at Citigroup Inc. from $90.00 to $85.00. They now have a “neutral” rating on the stock.

Medtronic Stock Performance

NYSE:MDT traded up $0.43 during trading hours on Friday, hitting $89.82. 2,755,897 shares of the company were exchanged, compared to its average volume of 6,278,859. The stock has a market capitalization of $115.17 billion, a price-to-earnings ratio of 32.66, a PEG ratio of 2.52 and a beta of 0.82. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company’s 50 day moving average price is $82.06 and its 200-day moving average price is $82.59.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 EPS. As a group, research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Hedge Funds Weigh In On Medtronic

Several large investors have recently made changes to their positions in MDT. Norges Bank acquired a new position in Medtronic during the fourth quarter worth $1,229,726,000. First Eagle Investment Management LLC grew its holdings in shares of Medtronic by 54.5% during the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after buying an additional 3,320,800 shares in the last quarter. M&G Plc purchased a new stake in shares of Medtronic during the first quarter worth $259,160,000. Capital Research Global Investors grew its holdings in shares of Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Finally, Pzena Investment Management LLC grew its holdings in shares of Medtronic by 30.9% during the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after buying an additional 1,769,985 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.