Medtronic (MDT) PT Lowered to $104.00 at Barclays

Medtronic (NYSE:MDT) had its price objective trimmed by Barclays from $113.00 to $104.00 in a research report released on Tuesday morning, The Fly reports. The firm currently has an overweight rating on the medical technology company’s stock.

Several other research firms also recently weighed in on MDT. Oppenheimer restated a buy rating on shares of Medtronic in a research report on Friday, September 21st. Royal Bank of Canada upped their price target on shares of Medtronic to $109.00 and gave the stock an outperform rating in a research report on Wednesday, October 3rd. Argus upped their price target on shares of Medtronic from $108.00 to $120.00 and gave the stock a buy rating in a research report on Monday, October 8th. Zacks Investment Research upgraded shares of Medtronic from a hold rating to a buy rating and set a $105.00 price target for the company in a research report on Tuesday, October 23rd. Finally, Raymond James reduced their price target on shares of Medtronic from $105.00 to $104.00 and set an outperform rating for the company in a research report on Wednesday, November 21st. Nine research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $104.38.

Shares of Medtronic stock traded down $0.32 during trading hours on Tuesday, reaching $84.52. The stock had a trading volume of 3,309,061 shares, compared to its average volume of 6,761,999. The company has a market cap of $113.22 billion, a P/E ratio of 17.72, a price-to-earnings-growth ratio of 2.19 and a beta of 0.93. Medtronic has a twelve month low of $76.41 and a twelve month high of $100.15. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.11 and a current ratio of 2.56.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. The business had revenue of $7.48 billion during the quarter, compared to the consensus estimate of $7.35 billion. Medtronic had a net margin of 7.44% and a return on equity of 13.51%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.07 earnings per share. Equities research analysts forecast that Medtronic will post 5.13 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 18th. Investors of record on Friday, December 28th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, December 27th. This represents a $2.00 annualized dividend and a yield of 2.37%. Medtronic’s dividend payout ratio is presently 41.93%.

In other news, CEO Omar Ishrak purchased 12,000 shares of the company’s stock in a transaction dated Wednesday, January 9th. The stock was acquired at an average price of $84.05 per share, with a total value of $1,008,600.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Karen L. Parkhill purchased 3,000 shares of the company’s stock in a transaction dated Wednesday, January 9th. The stock was purchased at an average cost of $83.87 per share, with a total value of $251,610.00. The disclosure for this purchase can be found here. 0.28% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of MDT. Bank of New York Mellon Corp grew its stake in shares of Medtronic by 89,912.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 17,012,355 shares of the medical technology company’s stock valued at $1,673,505,000 after buying an additional 16,993,455 shares during the period. Nordea Investment Management AB purchased a new stake in shares of Medtronic in the 3rd quarter valued at approximately $738,453,000. Pendal Group Ltd boosted its position in shares of Medtronic by 28,068.1% during the 3rd quarter. Pendal Group Ltd now owns 3,177,643 shares of the medical technology company’s stock worth $312,585,000 after purchasing an additional 3,166,362 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Medtronic during the 3rd quarter worth approximately $171,182,000. Finally, Man Group plc boosted its position in shares of Medtronic by 201.2% during the 3rd quarter. Man Group plc now owns 2,200,206 shares of the medical technology company’s stock worth $216,435,000 after purchasing an additional 1,469,757 shares during the period. 80.79% of the stock is owned by institutional investors and hedge funds.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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