Evercore ISI Raises Medtronic (NYSE:MDT) Price Target to $104.00

Medtronic (NYSE:MDT) had its price target boosted by Evercore ISI from $100.00 to $104.00 in a research report released on Tuesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the medical technology company’s stock.

Other analysts have also issued reports about the stock. Daiwa America raised shares of Medtronic to a strong-buy rating in a research note on Friday, August 23rd. Royal Bank of Canada reaffirmed a sector perform rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a neutral rating in a research note on Wednesday, August 21st. Stifel Nicolaus upped their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a hold rating in a research note on Wednesday, August 21st. Finally, Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a market perform rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $94.21.

Medtronic Stock Performance

NYSE:MDT opened at $87.77 on Tuesday. Medtronic has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average of $86.58 and a 200-day moving average of $83.26. The firm has a market cap of $112.54 billion, a price-to-earnings ratio of 31.92, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the firm posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts forecast that Medtronic will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.19%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. M&G Plc bought a new position in Medtronic during the first quarter valued at approximately $259,160,000. Capital Research Global Investors raised its position in 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 valued at $2,691,577,000 after acquiring an additional 2,044,109 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Medtronic by 145.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after acquiring an additional 1,405,978 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in Medtronic by 26.8% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock valued at $513,807,000 after acquiring an additional 1,318,590 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

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.