Medtronic plc (NYSE:MDT) Receives Average Rating of “Hold” from Analysts

Medtronic plc (NYSE:MDT) has been assigned an average rating of “Hold” from the fourteen brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $92.92.

A number of brokerages recently commented on MDT. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Truist Financial boosted their price target on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday.

Medtronic Price Performance

Shares of NYSE MDT opened at $88.35 on Monday. The business’s 50 day moving average price is $80.48 and its 200 day moving average price is $82.28. The firm has a market cap of $113.29 billion, a P/E ratio of 32.13, a P/E/G 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 $89.24. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 earnings per share. On average, sell-side analysts expect that Medtronic will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

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

Insider Activity at Medtronic

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic in the 4th quarter valued at $27,000. LifeSteps Financial Inc. purchased a new stake in Medtronic in the 1st quarter valued at $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the 2nd quarter valued at $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic in the 1st quarter valued at $33,000. Finally, Fortis Group Advisors LLC grew its holdings in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

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.