Medtronic Given Consensus Recommendation of “Buy” by Brokerages (NYSE:MDT)
Shares of Medtronic (NYSE:MDT) have earned a consensus recommendation of “Buy” from the nineteen analysts that are presently covering the stock, AnalystRatings.Net reports. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $68.24.
In other Medtronic news, Director Shirley A. Jackson unloaded 2,769 shares of Medtronic stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $63.66, for a total value of $176,274.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
MDT has been the subject of a number of recent research reports. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Medtronic in a research note on Monday, August 18th. They now have a $71.00 price target on the stock, up previously from $69.00. Separately, analysts at Cowen and Company raised their price target on shares of Medtronic from $66.00 to $76.00 in a research note on Monday, August 18th. Finally, analysts at Jefferies Group upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Friday, June 20th. They now have a $75.00 price target on the stock, up previously from $60.00.
Shares of Medtronic (NYSE:MDT) opened at 63.12 on Monday. Medtronic has a 52 week low of $51.22 and a 52 week high of $65.50. The stock’s 50-day moving average is $62.91 and its 200-day moving average is $60.88. The company has a market cap of $62.653 billion and a price-to-earnings ratio of 21.43. Medtronic also saw a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 64,165,550 shares, a growth of 5.2% from the July 31st total of 61,004,729 shares. Currently, 6.5% of the shares of the company are sold short. Based on an average daily volume of 8,692,096 shares, the short-interest ratio is presently 7.4 days.
Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 19th. The company reported $0.93 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.92 by $0.01. The company had revenue of $4.27 billion for the quarter, compared to the consensus estimate of $4.25 billion. During the same quarter last year, the company posted $0.88 earnings per share. Medtronic’s revenue was up 4.7% compared to the same quarter last year. Analysts expect that Medtronic will post $4.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 24th. Shareholders of record on Friday, October 3rd will be given a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Wednesday, October 1st.
Medtronic, Inc (NYSE:MDT) is engaged in medical technology – alleviating pain, restoring health, and extending life for millions of people worldwide.
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