Medtronic’s (MDT) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Medtronic (NYSE:MDT) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $105.00 target price on the medical technology company’s stock.

Other equities research analysts have also recently issued reports about the stock. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Truist Financial decreased their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Sanford C. Bernstein upped their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. decreased their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Robert W. Baird upped their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Up 2.3 %

Shares of Medtronic stock opened at $89.95 on Wednesday. The firm has a market cap of $115.34 billion, a price-to-earnings ratio of 27.34, a P/E/G ratio of 2.46 and a beta of 0.84. The stock has a 50-day simple moving average of $86.08 and a 200-day simple moving average of $87.10. Medtronic has a 52-week low of $75.96 and a 52-week high of $93.08. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. On average, equities research analysts expect that Medtronic will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is presently 85.11%.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Institutional Trading of Medtronic

Several institutional investors have recently made changes to their positions in MDT. Fortitude Family Office LLC bought a new position in Medtronic during the third quarter worth about $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the third quarter valued at $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the third quarter valued at $27,000. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the fourth quarter valued at $26,000. Finally, J. Stern & Co. LLP bought a new position in shares of Medtronic during the third quarter valued at $30,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Company Profile

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.