Medtronic plc (NYSE:MDT) Receives Average Rating of “Hold” from Brokerages

Shares of Medtronic plc (NYSE:MDT) have received an average rating of “Hold” from the seventeen research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, nine have given 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 target among brokerages that have issued a report on the stock in the last year is $95.00.

Several equities analysts recently weighed in on MDT shares. Truist Financial lowered their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Robert W. Baird reduced their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Citigroup upped their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st.

Medtronic Price Performance

Shares of NYSE:MDT opened at $80.95 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $103.80 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. The firm’s 50 day moving average price is $84.89 and its 200-day moving average price is $84.86. Medtronic has a twelve month low of $75.96 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $1.25 earnings per share. Equities research analysts expect that Medtronic will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.46%. Medtronic’s payout ratio is 85.63%.

Institutional Investors Weigh In On Medtronic

Several large investors have recently made changes to their positions in MDT. Rothschild Investment LLC purchased a new position in shares of Medtronic in the second quarter valued at $763,000. IFG Advisory LLC increased its holdings in shares of Medtronic by 9.0% in the 2nd quarter. IFG Advisory LLC now owns 28,662 shares of the medical technology company’s stock worth $2,256,000 after buying an additional 2,360 shares during the last quarter. NBT Bank N A NY increased its holdings in shares of Medtronic by 47.9% in the 2nd quarter. NBT Bank N A NY now owns 29,912 shares of the medical technology company’s stock worth $2,354,000 after buying an additional 9,687 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of Medtronic by 7.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 801,578 shares of the medical technology company’s stock valued at $63,092,000 after buying an additional 58,183 shares in the last quarter. Finally, Sage Mountain Advisors LLC bought a new position in shares of Medtronic in the 2nd quarter valued at about $210,000. 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.