Medtronic (NYSE:MDT) Price Target Increased to $90.00 by Analysts at Robert W. Baird

Medtronic (NYSE:MDT) had its price target boosted by Robert W. Baird from $82.00 to $90.00 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the medical technology company’s stock.

A number of other research firms have also weighed in on MDT. Needham & Company LLC reaffirmed a hold rating on shares of Medtronic in a research report on Tuesday. Stifel Nicolaus lowered shares of Medtronic from a buy rating to a hold rating and decreased their price target for the company from $100.00 to $85.00 in a research report on Wednesday, August 14th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $92.00 price objective on shares of Medtronic in a research report on Wednesday, July 17th. Truist Financial cut their price target on shares of Medtronic from $88.00 to $85.00 and set a hold rating on the stock in a report on Tuesday, July 16th. Finally, Oppenheimer raised their price objective on Medtronic from $92.00 to $94.00 and gave the stock a market perform rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $91.50.

Medtronic Stock Up 2.5 %

Shares of NYSE MDT opened at $87.51 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The stock has a 50 day moving average price of $80.21 and a 200 day moving average price of $82.30. The firm has a market capitalization of $112.21 billion, a price-to-earnings ratio of 31.82, a PEG ratio of 2.35 and a beta of 0.82. Medtronic has a 52-week low of $68.84 and a 52-week high of $89.18.

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, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Sell-side analysts expect that Medtronic will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MDT. Norges Bank purchased a new stake in Medtronic during the fourth quarter worth $1,229,726,000. First Eagle Investment Management LLC boosted its holdings in Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after buying an additional 3,320,800 shares during the last quarter. M&G Plc purchased a new stake in Medtronic during the 1st quarter worth approximately $259,160,000. Capital Research Global Investors increased its position in shares of 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 worth $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Finally, Pzena Investment Management LLC grew its holdings in shares of Medtronic by 30.9% during the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after buying an additional 1,769,985 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

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.