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

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

Several other equities research analysts have also recently commented on MDT. Mizuho boosted their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a buy rating in a research report on Wednesday, February 21st. Needham & Company LLC reaffirmed a hold rating on shares of Medtronic in a research report on Friday. Royal Bank of Canada reiterated a sector perform rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Finally, Oppenheimer upped their target price on Medtronic from $89.00 to $92.00 and gave the company a market perform rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of Hold and an average target price of $94.00.

Medtronic Trading Up 1.1 %

Shares of MDT stock opened at $82.29 on Friday. The stock has a market cap of $109.27 billion, a price-to-earnings ratio of 29.92, a price-to-earnings-growth ratio of 2.68 and a beta of 0.78. The firm’s 50 day moving average price is $82.81 and its two-hundred day moving average price is $82.83. Medtronic has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. 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 (NYSE:MDT) last released its quarterly earnings data 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. The firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm’s revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.57 earnings per share. On average, analysts anticipate that Medtronic will post 5.45 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.70 dividend. 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 yield of 3.40%. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter worth approximately $1,229,726,000. First Eagle Investment Management LLC raised its holdings in Medtronic by 54.5% in the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after acquiring an additional 3,320,800 shares in the last quarter. Pzena Investment Management LLC raised its holdings in Medtronic by 112.8% in the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after acquiring an additional 3,037,394 shares in the last quarter. M&G Plc acquired a new position in shares of Medtronic during the 1st quarter worth $259,160,000. Finally, Capital Research Global Investors raised its holdings in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. 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.