Analysts Set Medtronic plc (NYSE:MDT) Target Price at $92.92

Shares of Medtronic plc (NYSE:MDT) have been assigned a consensus rating of “Hold” from the fifteen ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $92.92.

A number of research analysts have recently issued reports on MDT shares. The Goldman Sachs Group initiated coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Robert W. Baird lifted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd.

Medtronic Trading Down 0.1 %

NYSE MDT opened at $89.34 on Friday. The stock’s fifty day moving average price is $84.77 and its 200-day moving average price is $82.96. 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 stock has a market cap of $114.56 billion, a P/E ratio of 32.49, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic has a 12 month low of $68.84 and a 12 month high of $91.49.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 earnings per share. As a group, equities analysts forecast that Medtronic will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business 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 $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Hedge Funds Weigh In On Medtronic

Several large investors have recently added to or reduced their stakes in MDT. Gryphon Financial Partners LLC purchased a new position in shares of Medtronic in the fourth quarter valued at about $220,000. Jump Financial LLC grew its stake in Medtronic by 109.2% during the fourth quarter. Jump Financial LLC now owns 6,256 shares of the medical technology company’s stock valued at $515,000 after acquiring an additional 3,266 shares in the last quarter. CreativeOne Wealth LLC lifted its stake in Medtronic by 52.4% in the 4th quarter. CreativeOne Wealth LLC now owns 4,156 shares of the medical technology company’s stock worth $342,000 after purchasing an additional 1,429 shares in the last quarter. Frazier Financial Advisors LLC purchased a new stake in Medtronic in the 4th quarter worth $44,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of Medtronic by 81.7% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 2,410 shares of the medical technology company’s stock valued at $200,000 after purchasing an additional 1,084 shares during the last quarter. Hedge funds and other 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.