Medtronic PLC (NYSE:MDT) has been given an average rating of “Buy” by the twenty-six ratings firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $92.58.
MDT has been the topic of a number of recent research reports. Needham & Company LLC increased their target price on Medtronic from $97.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, June 6th. Morgan Stanley raised their price objective on Medtronic from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, May 25th. Oppenheimer set a $96.00 price objective on Medtronic and gave the stock a “buy” rating in a research note on Wednesday, June 6th. Piper Jaffray Companies raised their price objective on Medtronic to $96.00 and gave the stock an “overweight” rating in a research note on Friday, May 25th. Finally, Raymond James started coverage on Medtronic in a research note on Thursday, May 31st. They issued an “outperform” rating and a $96.00 price objective on the stock.
Medtronic traded down $0.05, reaching $85.98, during trading on Friday, MarketBeat.com reports. The stock had a trading volume of 3,002,456 shares, compared to its average volume of 4,876,656. Medtronic has a 52 week low of $76.41 and a 52 week high of $89.10. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.92 and a current ratio of 2.28. The company has a market cap of $116.29 billion, a price-to-earnings ratio of 18.03, a P/E/G ratio of 2.35 and a beta of 0.95.
Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 24th. The medical technology company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Medtronic had a return on equity of 12.84% and a net margin of 10.36%. The company had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8 billion. During the same quarter in the prior year, the company earned $1.33 earnings per share. Medtronic’s revenue was up 2.9% on a year-over-year basis. equities analysts predict that Medtronic will post 5.12 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Investors of record on Friday, July 6th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.33%. The ex-dividend date is Thursday, July 5th. This is an increase from Medtronic’s previous quarterly dividend of $0.46. Medtronic’s dividend payout ratio (DPR) is 38.57%.
In other Medtronic news, SVP Bradley E. Lerman sold 8,910 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $86.82, for a total transaction of $773,566.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Richard Kuntz sold 11,500 shares of the firm’s stock in a transaction that occurred on Friday, June 8th. The shares were sold at an average price of $87.13, for a total value of $1,001,995.00. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Carillon Tower Advisers Inc. purchased a new position in Medtronic during the 4th quarter valued at approximately $10,358,000. Mackenzie Financial Corp boosted its holdings in shares of Medtronic by 10,043.8% in the 4th quarter. Mackenzie Financial Corp now owns 940,225 shares of the medical technology company’s stock worth $75,923,000 after purchasing an additional 930,956 shares during the period. Assetmark Inc. boosted its holdings in shares of Medtronic by 43.5% in the 4th quarter. Assetmark Inc. now owns 5,978 shares of the medical technology company’s stock worth $483,000 after purchasing an additional 1,812 shares during the period. Icon Wealth Partners LLC purchased a new position in shares of Medtronic in the 4th quarter worth approximately $280,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in shares of Medtronic in the 4th quarter worth approximately $12,782,000. Institutional investors and hedge funds own 80.45% of the company’s stock.
Medtronic Company Profile
Medtronic plc manufactures and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. The company's Cardiac and Vascular Group segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; diagnostics and monitoring devices; mechanical circulatory support, TYRX, and AF products; and remote monitoring and patient-centered software.
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