Medtronic (NYSE:MDT) Price Target Raised to $76.00 at UBS Group

Medtronic (NYSE:MDT) had its target price upped by UBS Group from $75.00 to $76.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a sell rating on the medical technology company’s stock.

Other research analysts have also issued research reports about the company. Truist Financial reduced their price target on Medtronic from $90.00 to $88.00 and set a hold rating on the stock in a research note on Friday. Needham & Company LLC reaffirmed a hold rating on shares of Medtronic in a research report on Friday. Royal Bank of Canada reaffirmed a sector perform rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Oppenheimer increased their target price on Medtronic from $89.00 to $92.00 and gave the stock a market perform rating in a research report on Wednesday, February 21st. Finally, Mizuho increased their target price on Medtronic from $95.00 to $98.00 and gave the stock a buy rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of Hold and a consensus target price of $94.45.

Medtronic Price Performance

MDT stock traded up $0.91 on Friday, reaching $82.29. The company had a trading volume of 8,732,273 shares, compared to its average volume of 5,738,687. Medtronic has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a market cap of $109.27 billion, a P/E ratio of 29.92, a PEG ratio of 2.65 and a beta of 0.78. The company’s fifty day moving average is $82.81 and its 200 day moving average is $82.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.71 and a current ratio of 2.03.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This is a boost 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 annualized dividend and a dividend yield of 3.40%. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the 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 transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently bought and sold shares of MDT. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $25,000. LifeSteps Financial Inc. bought a new stake in shares of Medtronic during the first quarter valued at approximately $27,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. raised its holdings in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the last quarter. Finally, Tributary Capital Management LLC bought a new stake in shares of Medtronic during the first quarter valued at approximately $33,000. Institutional investors own 82.06% of the company’s stock.

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.