Medtronic plc (NYSE:MDT) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Medtronic plc (NYSE:MDT) have earned an average recommendation of “Hold” from the ten brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $94.91.

Several equities analysts have recently issued reports on the stock. Truist Financial boosted their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Oppenheimer lifted their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a 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 note on Wednesday, February 21st.

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 completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MDT. Ritholtz Wealth Management grew its holdings in Medtronic by 19.8% during the third quarter. Ritholtz Wealth Management now owns 9,376 shares of the medical technology company’s stock worth $735,000 after purchasing an additional 1,550 shares during the period. Wedge Capital Management L L P NC increased its holdings in shares of Medtronic by 13.0% during the 3rd quarter. Wedge Capital Management L L P NC now owns 2,900 shares of the medical technology company’s stock worth $227,000 after acquiring an additional 333 shares during the last quarter. Leavell Investment Management Inc. raised its stake in Medtronic by 4.3% in the 3rd quarter. Leavell Investment Management Inc. now owns 5,274 shares of the medical technology company’s stock valued at $417,000 after acquiring an additional 219 shares during the period. Montecito Bank & Trust lifted its holdings in Medtronic by 10.7% during the 3rd quarter. Montecito Bank & Trust now owns 7,130 shares of the medical technology company’s stock valued at $559,000 after purchasing an additional 690 shares during the last quarter. Finally, Impact Partnership Wealth LLC boosted its position in Medtronic by 369.8% during the third quarter. Impact Partnership Wealth LLC now owns 1,245 shares of the medical technology company’s stock worth $98,000 after purchasing an additional 980 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

MDT stock opened at $79.74 on Tuesday. Medtronic has a twelve month low of $68.84 and a twelve month high of $92.02. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company has a market cap of $105.88 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76. The business’s fifty day moving average is $83.53 and its 200-day moving average is $81.19.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.30 earnings per share. Equities research analysts forecast that Medtronic will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.46%. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

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.