Medtronic (NYSE:MDT) Given New $92.00 Price Target at Robert W. Baird

Medtronic (NYSE:MDT) had its target price cut by Robert W. Baird from $94.00 to $92.00 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the medical technology company’s stock.

Several other equities analysts also recently commented on the stock. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group lifted their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday. Truist Financial reduced their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average target price of $96.07.

Medtronic Stock Down 4.1%

Shares of NYSE:MDT opened at $80.93 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic has a 52-week low of $75.96 and a 52-week high of $96.25. The business has a fifty day moving average of $85.29 and a two-hundred day moving average of $86.50. The stock has a market cap of $103.80 billion, a P/E ratio of 24.60, a PEG ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 EPS. On average, research analysts expect that Medtronic will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.51%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Institutional Investors Weigh In On Medtronic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Olstein Capital Management L.P. raised its stake in shares of Medtronic by 8.0% in the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after purchasing an additional 7,000 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock valued at $8,453,000 after purchasing an additional 2,778 shares in the last quarter. Caprock Group LLC raised its stake in shares of Medtronic by 12.6% in the 4th quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company’s stock valued at $3,849,000 after purchasing an additional 5,363 shares in the last quarter. Synergy Asset Management LLC raised its stake in shares of Medtronic by 107.1% in the 4th quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company’s stock valued at $19,353,000 after purchasing an additional 117,809 shares in the last quarter. Finally, Equitable Trust Co. raised its stake in shares of Medtronic by 91.7% in the 4th quarter. Equitable Trust Co. now owns 39,645 shares of the medical technology company’s stock valued at $3,167,000 after purchasing an additional 18,968 shares in 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.