Medtronic (NYSE:MDT) Price Target Raised to $117.00

Medtronic (NYSE:MDT) had its price objective upped by Barclays from $110.00 to $117.00 in a report issued on Wednesday, BenzingaRatingsTable reports. They currently have an overweight rating on the medical technology company’s stock.

MDT has been the subject of several other reports. Northland Securities reissued a hold rating and issued a $100.00 price target on shares of Medtronic in a research note on Wednesday. Morgan Stanley upped their price objective on shares of Medtronic from $105.00 to $111.00 and gave the company an equal weight rating in a research note on Wednesday. Cowen reaffirmed an outperform rating and set a $111.00 price objective (up from $99.00) on shares of Medtronic in a research note on Wednesday, August 14th. BTIG Research upped their price objective on shares of Medtronic to $120.00 and gave the company a buy rating in a research note on Wednesday. Finally, 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. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $113.38.

Medtronic stock opened at $106.05 on Wednesday. The company has a quick ratio of 2.15, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $142.23 billion, a PE ratio of 20.32, a P/E/G ratio of 2.69 and a beta of 0.67. The firm has a fifty day simple moving average of $101.64 and a two-hundred day simple moving average of $94.06. Medtronic has a twelve month low of $81.66 and a twelve month high of $109.70.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.08. The business had revenue of $7.49 billion during the quarter, compared to the consensus estimate of $7.40 billion. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.17 earnings per share. As a group, equities analysts expect that Medtronic will post 5.56 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were paid a $0.54 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.50. This represents a $2.16 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Friday, July 5th. Medtronic’s dividend payout ratio is presently 41.38%.

In related news, SVP Bradley E. Lerman sold 6,599 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $102.02, for a total value of $673,229.98. Following the completion of the transaction, the senior vice president now directly owns 105,960 shares of the company’s stock, valued at $10,810,039.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the completion of the transaction, the senior vice president now directly owns 52,906 shares of the company’s stock, valued at $5,307,000.86. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,701 shares of company stock valued at $9,318,744. 0.28% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Hayden Royal LLC purchased a new stake in shares of Medtronic during the second quarter valued at approximately $275,000. Rockefeller Capital Management L.P. grew its holdings in shares of Medtronic by 0.6% during the first quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock valued at $123,663,000 after buying an additional 7,939 shares during the last quarter. Cim LLC grew its holdings in shares of Medtronic by 12.9% during the second quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock valued at $408,000 after buying an additional 480 shares during the last quarter. Concentric Wealth Management LLC grew its holdings in shares of Medtronic by 3.1% during the second quarter. Concentric Wealth Management LLC now owns 19,536 shares of the medical technology company’s stock valued at $1,903,000 after buying an additional 595 shares during the last quarter. Finally, Belpointe Asset Management LLC grew its holdings in shares of Medtronic by 35.3% during the first quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock valued at $417,000 after buying an additional 1,196 shares during the last quarter. 80.62% of the stock is owned by institutional investors.

About Medtronic

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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