Brokerages Set Medtronic plc (NYSE:MDT) Target Price at $95.27

Shares of Medtronic plc (NYSE:MDT) have received an average recommendation of “Hold” from the seventeen brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $95.27.

Several research analysts have recently weighed in on MDT shares. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Sanford C. Bernstein increased their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Oppenheimer increased 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. Robert W. Baird reduced their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company reduced their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th.

Medtronic Stock Down 0.2 %

MDT stock opened at $83.99 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The stock has a market capitalization of $107.70 billion, a P/E ratio of 25.69, a P/E/G ratio of 2.43 and a beta of 0.82. The business has a 50-day moving average of $88.35 and a 200-day moving average of $85.00. Medtronic has a fifty-two week low of $75.96 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 earnings per share. On average, sell-side analysts anticipate that Medtronic will post 5.45 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, January 10th. Shareholders of record on Friday, December 27th will be paid a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.33%. Medtronic’s dividend payout ratio is 85.63%.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently made changes to their positions in the company. Oddo BHF Asset Management Sas bought a new position in shares of Medtronic during the third quarter worth approximately $415,000. Inspire Trust Co. N.A. increased its stake in shares of Medtronic by 19.6% during the third quarter. Inspire Trust Co. N.A. now owns 36,500 shares of the medical technology company’s stock worth $3,286,000 after purchasing an additional 5,993 shares during the period. Old North State Trust LLC increased its stake in shares of Medtronic by 7.5% during the third quarter. Old North State Trust LLC now owns 3,013 shares of the medical technology company’s stock worth $271,000 after purchasing an additional 210 shares during the period. Synovus Financial Corp increased its stake in shares of Medtronic by 1.2% during the third quarter. Synovus Financial Corp now owns 66,738 shares of the medical technology company’s stock worth $6,008,000 after purchasing an additional 783 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its stake in shares of Medtronic by 449.3% during the third quarter. Wilmington Savings Fund Society FSB now owns 73,373 shares of the medical technology company’s stock worth $6,606,000 after purchasing an additional 60,016 shares during the period. 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.