Piper Sandler Raises Medtronic (NYSE:MDT) Price Target to $90.00

Medtronic (NYSE:MDT) had its price objective upped by Piper Sandler from $85.00 to $90.00 in a report released on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the medical technology company’s stock.

Several other equities analysts also recently weighed in on MDT. UBS Group upgraded Medtronic from a sell rating to a neutral rating and increased their target price for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Needham & Company LLC reiterated a hold rating on shares of Medtronic in a research report on Tuesday. Citigroup reduced their target price on Medtronic from $90.00 to $85.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. Truist Financial reduced their target price on Medtronic from $88.00 to $85.00 and set a hold rating on the stock in a research report on Tuesday, July 16th. Finally, The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They set a sell rating and a $83.00 target price on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Medtronic has an average rating of Hold and an average target price of $92.92.

Medtronic Stock Up 0.6 %

MDT opened at $88.35 on Wednesday. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The firm has a market cap of $113.29 billion, a P/E ratio of 32.13, a PEG ratio of 2.35 and a beta of 0.82. Medtronic has a 52 week low of $68.84 and a 52 week high of $89.24. The business’s fifty day simple moving average is $80.48 and its 200 day simple moving average is $82.35.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the company earned $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic’s payout ratio is currently 101.82%.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently modified their holdings of the stock. MeadowBrook Investment Advisors LLC acquired a new stake in Medtronic during the 4th quarter valued at approximately $27,000. LifeSteps Financial Inc. acquired a new stake in Medtronic during the 1st quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new stake in Medtronic during the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic during the 1st quarter valued at approximately $33,000. Finally, Fortis Group Advisors LLC grew its stake in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other 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.