Leerink Partners Begins Coverage on Medtronic (NYSE:MDT)

Leerink Partners assumed coverage on shares of Medtronic (NYSE:MDT) in a report issued on Monday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $110.00 target price on the medical technology company’s stock.

MDT has been the subject of several other reports. Mizuho cut their target price on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial reduced their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Robert W. Baird cut their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.87.

Medtronic Stock Down 0.6%

NYSE:MDT opened at $85.68 on Monday. Medtronic has a twelve month low of $75.96 and a twelve month high of $96.25. The firm has a market capitalization of $109.88 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average price is $84.35 and its two-hundred day moving average price is $86.26.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.46 earnings per share. Equities research analysts expect that Medtronic will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.31%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is currently 77.35%.

Institutional Trading of Medtronic

A number of institutional investors have recently bought and sold shares of the business. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the fourth quarter valued at approximately $26,000. Burkett Financial Services LLC increased its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 185 shares during the period. 1248 Management LLC acquired a new position in Medtronic in the 1st quarter valued at $26,000. Rakuten Securities Inc. lifted its position in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares during the period. Finally, Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the 4th quarter valued at $27,000. 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.