Medtronic plc (NYSE:MDT) Given Average Rating of “Hold” by Analysts

Shares of Medtronic plc (NYSE:MDT) have been given a consensus rating of “Hold” by the sixteen brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $95.36.

Several analysts have commented on MDT shares. Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial raised their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th.

Medtronic Stock Performance

Medtronic stock opened at $90.01 on Tuesday. The stock’s 50 day moving average is $87.74 and its 200 day moving average is $83.46. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a market capitalization of $115.42 billion, a P/E ratio of 32.73, a PEG ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the business posted $1.20 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Medtronic will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. Medtronic’s dividend payout ratio is presently 101.82%.

Institutional Investors Weigh In On Medtronic

Institutional investors and hedge funds have recently bought and sold shares of the business. Chemung Canal Trust Co. increased its holdings in shares of Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in Medtronic in the second quarter worth about $25,643,000. SageView Advisory Group LLC grew its position in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after acquiring an additional 9,523 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Medtronic by 10.0% in the first quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock worth $11,789,000 after acquiring an additional 12,250 shares in the last quarter. Finally, Burns J W & Co. Inc. NY grew its position in Medtronic by 17.4% in the first quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after acquiring an additional 486 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Company Profile

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.