Medtronic (NYSE:MDT) Receives Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Medtronic (NYSE:MDT) in a report published on Friday morning, Benzinga reports. Royal Bank of Canada currently has a $92.00 target price on the medical technology company’s stock.

A number of other research firms have also recently issued reports on MDT. UBS Group lifted their target price on shares of Medtronic from $75.00 to $76.00 and gave the company a sell rating in a research note on Friday. Needham & Company LLC reiterated a hold rating on shares of Medtronic in a research note on Friday. Mizuho lifted their target price on shares of Medtronic from $95.00 to $98.00 and gave the company a buy rating in a research note on Wednesday, February 21st. Wells Fargo & Company lifted their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an overweight rating in a research note on Friday. Finally, Truist Financial lowered their price target on shares of Medtronic from $90.00 to $88.00 and set a hold rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $94.45.

Medtronic Price Performance

MDT traded up $0.91 during midday trading on Friday, reaching $82.29. 8,732,273 shares of the company’s stock were exchanged, compared to its average volume of 5,738,687. The firm has a market capitalization of $109.27 billion, a price-to-earnings ratio of 29.92, a price-to-earnings-growth ratio of 2.65 and a beta of 0.78. The company has a quick ratio of 1.71, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic has a one year low of $68.84 and a one year high of $91.00. The business has a 50-day simple moving average of $82.81 and a two-hundred day simple moving average of $82.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter last year, the company earned $1.57 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, research analysts predict that Medtronic will post 5.45 EPS 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 issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 100.36%.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Advisor Networks LLC grew its holdings in shares of Medtronic by 4.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 252,106 shares of the medical technology company’s stock valued at $21,971,000 after buying an additional 10,890 shares during the period. Cetera Advisors LLC grew its holdings in shares of Medtronic by 63.3% in the 1st quarter. Cetera Advisors LLC now owns 83,977 shares of the medical technology company’s stock valued at $7,319,000 after buying an additional 32,564 shares during the period. Community Trust & Investment Co. grew its holdings in shares of Medtronic by 16.2% in the 1st quarter. Community Trust & Investment Co. now owns 38,418 shares of the medical technology company’s stock valued at $3,348,000 after buying an additional 5,342 shares during the period. First City Capital Management Inc. grew its holdings in shares of Medtronic by 11.2% in the 1st quarter. First City Capital Management Inc. now owns 4,979 shares of the medical technology company’s stock valued at $434,000 after buying an additional 500 shares during the period. Finally, Swedbank AB acquired a new position in shares of Medtronic in the 1st quarter valued at $49,313,000. Institutional investors and hedge funds 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.