Medtronic (NYSE:MDT) Price Target Lowered to $88.00 at Truist Financial

Medtronic (NYSE:MDT) had its target price reduced by Truist Financial from $90.00 to $88.00 in a report issued on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the medical technology company’s stock.

Several other brokerages also recently commented on MDT. Mizuho lifted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Needham & Company LLC restated a hold rating on shares of Medtronic in a report on Friday. Royal Bank of Canada restated a sector perform rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Finally, Oppenheimer boosted their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a market perform rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of Hold and a consensus price target of $94.45.

Medtronic Price Performance

Shares of MDT stock traded up $0.91 during trading hours on Friday, hitting $82.29. 8,732,273 shares of the company’s stock were exchanged, compared to its average volume of 5,738,687. The company has a market capitalization of $109.27 billion, a PE ratio of 29.92, a PEG ratio of 2.65 and a beta of 0.78. Medtronic has a 12-month low of $68.84 and a 12-month high of $91.00. The business’s 50 day simple moving average is $82.81 and its 200-day simple moving average is $82.68. The company has a current ratio of 2.03, a quick ratio of 1.71 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the previous year, the firm earned $1.57 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities research analysts anticipate that Medtronic will post 5.45 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.70 dividend. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. Medtronic’s payout ratio is 100.36%.

Insider Activity

In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new stake in Medtronic in the 4th quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. increased its holdings in Medtronic by 293.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in Medtronic in the 4th quarter worth approximately $27,000. LifeSteps Financial Inc. purchased a new stake in Medtronic in the 1st quarter worth approximately $27,000. Finally, Financial Gravity Asset Management Inc. boosted its stake in Medtronic by 317.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

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.