Medtronic (NYSE:MDT) Price Target Raised to $87.00

Medtronic (NYSE:MDT) had its target price increased by Stifel Nicolaus from $85.00 to $87.00 in a research note published on Wednesday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the medical technology company’s stock.

A number of other equities research analysts also recently weighed in on MDT. Wells Fargo & Company upped their target price on Medtronic from $102.00 to $105.00 and gave the stock an overweight rating in a research report on Friday, May 24th. UBS Group raised shares of Medtronic from a sell rating to a neutral rating and upped their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Needham & Company LLC reiterated a hold rating on shares of Medtronic in a report on Tuesday. Royal Bank of Canada reaffirmed a sector perform rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They issued a sell rating and a $83.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $92.92.

Medtronic Stock Up 0.6 %

Shares of NYSE:MDT opened at $88.35 on Wednesday. The company’s fifty day moving average is $80.48 and its two-hundred day moving average is $82.35. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. Medtronic has a 1-year low of $68.84 and a 1-year high of $89.24. The stock has a market capitalization of $113.29 billion, a price-to-earnings ratio of 32.13, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the business earned $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% on a year-over-year basis. Equities analysts anticipate that Medtronic will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. Medtronic’s dividend payout ratio is currently 101.82%.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic during the 4th quarter worth $27,000. LifeSteps Financial Inc. acquired a new position in Medtronic during the 1st quarter worth $27,000. Lynx Investment Advisory bought a new stake in Medtronic during the second quarter valued at about $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the first quarter valued at about $33,000. Finally, Fortis Group Advisors LLC increased its stake in shares of Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the period. 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.