Medtronic (NYSE:MDT) Given New $93.00 Price Target at Truist Financial

Medtronic (NYSE:MDT) had its price target increased by Truist Financial from $90.00 to $93.00 in a report issued on Monday, Benzinga reports. The firm currently has a hold rating on the medical technology company’s stock.

Several other brokerages also recently issued reports on MDT. Barclays raised their price target on Medtronic from $104.00 to $105.00 and gave the stock an overweight rating in a report on Thursday, August 22nd. Needham & Company LLC reaffirmed a hold rating on shares of Medtronic in a research note on Tuesday, August 20th. Wells Fargo & Company lifted their price target on Medtronic from $105.00 to $106.00 and gave the company an overweight rating in a research report on Wednesday, August 21st. Oppenheimer lifted their price target on Medtronic from $92.00 to $94.00 and gave the company a market perform rating in a research report on Wednesday, August 21st. Finally, Daiwa America upgraded Medtronic to a strong-buy rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of Hold and a consensus price target of $95.36.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $90.01 on Monday. Medtronic has a 12 month low of $68.84 and a 12 month high of $91.49. The business has a 50-day moving average of $87.74 and a two-hundred day moving average of $83.46. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a market capitalization of $115.42 billion, a PE ratio of 32.73, a P/E/G ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. 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 business posted $1.20 earnings per share. As a group, research analysts forecast 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 was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s dividend payout ratio is 101.82%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Research Global Investors boosted 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 purchasing an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC boosted its position in Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after purchasing an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD boosted its position in Medtronic by 2.3% during the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after purchasing an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates boosted its position in Medtronic by 5.7% during the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock valued at $491,651,000 after purchasing an additional 336,618 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.