Cowen Reaffirms Outperform Rating for Medtronic (NYSE:MDT)

Cowen reiterated their outperform rating on shares of Medtronic (NYSE:MDT) in a research report released on Wednesday, The Fly reports. The firm currently has a $111.00 target price on the medical technology company’s stock, up from their prior target price of $99.00.

Other research analysts also recently issued reports about the stock. Oppenheimer set a $110.00 price objective on shares of Medtronic and gave the company a buy rating in a research note on Monday, July 15th. UBS Group increased their price objective on shares of Medtronic to $112.00 and gave the company a buy rating in a research note on Friday, June 14th. Zacks Investment Research upgraded shares of Medtronic from a sell rating to a hold rating in a research note on Monday, May 20th. ValuEngine downgraded shares of Medtronic from a buy rating to a hold rating in a research note on Thursday, August 1st. Finally, Needham & Company LLC reiterated a buy rating on shares of Medtronic in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $106.86.

NYSE MDT opened at $102.76 on Wednesday. Medtronic has a 12 month low of $81.66 and a 12 month high of $103.95. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15. The company has a market capitalization of $136.46 billion, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 2.61 and a beta of 0.67. The company’s fifty day moving average price is $100.55 and its two-hundred day moving average price is $93.52.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.07. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The firm had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.12 billion. During the same period in the prior year, the firm posted $1.42 EPS. The firm’s revenue was up .0% compared to the same quarter last year. As a group, analysts anticipate that Medtronic will post 5.47 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.10%. This is a boost from Medtronic’s previous quarterly dividend of $0.50. The ex-dividend date was Friday, July 5th. Medtronic’s dividend payout ratio is 41.38%.

In other Medtronic news, EVP Hooman Hakami sold 52,664 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the sale, the executive vice president now directly owns 95,337 shares of the company’s stock, valued at $9,294,404.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard H. Anderson bought 10,900 shares of the company’s stock in a transaction on Friday, May 24th. The shares were acquired at an average cost of $92.40 per share, for a total transaction of $1,007,160.00. Following the completion of the acquisition, the director now directly owns 89,912 shares of the company’s stock, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Insiders have sold 95,701 shares of company stock worth $9,318,744 over the last three months. 0.28% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Krane Funds Advisors LLC acquired a new stake in shares of Medtronic in the 2nd quarter worth about $25,000. Redhawk Wealth Advisors Inc. acquired a new stake in shares of Medtronic in the 2nd quarter worth about $34,000. Rocky Mountain Advisers LLC increased its holdings in shares of Medtronic by 100.0% in the 2nd quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock worth $39,000 after acquiring an additional 200 shares during the period. Spectrum Management Group Inc. increased its holdings in shares of Medtronic by 353.8% in the 1st quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 322 shares during the period. Finally, Mackey Komara & Dankovich LLC acquired a new stake in shares of Medtronic in the 1st quarter worth about $38,000. 80.65% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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The Fly

Analyst Recommendations for Medtronic (NYSE:MDT)

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