Medtronic PLC (MDT) Stock Rating Upgraded by Vetr Inc.
Medtronic PLC (NYSE:MDT) was upgraded by investment analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued on Tuesday. The firm presently has a $94.55 price objective on the medical technology company’s stock. Vetr‘s price target would indicate a potential upside of 13.64% from the stock’s previous close.
Several other research analysts have also recently issued reports on MDT. Evercore ISI reissued a “buy” rating and issued a $86.50 price target on shares of Medtronic PLC in a research note on Monday, June 27th. BTIG Research reissued a “hold” rating on shares of Medtronic PLC in a research note on Monday, June 27th. Piper Jaffray Cos. reissued an “overweight” rating and issued a $94.00 price target (up previously from $93.00) on shares of Medtronic PLC in a research note on Wednesday, June 15th. Needham & Company LLC reissued a “buy” rating on shares of Medtronic PLC in a research note on Monday, June 27th. Finally, Cowen and Company set a $94.00 price target on Medtronic PLC and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $90.43.
Medtronic PLC (NYSE:MDT) traded down 3.45% on Tuesday, hitting $83.20. The stock had a trading volume of 9,865,199 shares. The stock has a 50-day moving average of $86.31 and a 200-day moving average of $83.83. The company has a market cap of $114.98 billion, a PE ratio of 32.37 and a beta of 0.88. Medtronic PLC has a one year low of $71.03 and a one year high of $89.27.
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Medtronic PLC (NYSE:MDT) last issued its quarterly earnings data on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.02. The firm earned $7.20 billion during the quarter, compared to the consensus estimate of $7.17 billion. Medtronic PLC had a return on equity of 12.06% and a net margin of 12.70%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.02 EPS. Equities analysts expect that Medtronic PLC will post $4.66 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Thursday, September 29th will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Tuesday, September 27th. Medtronic PLC’s dividend payout ratio is 66.93%.
In other Medtronic PLC news, CEO Omar Ishrak sold 61,925 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $84.93, for a total value of $5,259,290.25. Following the sale, the chief executive officer now owns 565,916 shares of the company’s stock, valued at approximately $48,063,245.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Richard Kuntz sold 17,141 shares of the firm’s stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $86.70, for a total value of $1,486,124.70. Following the completion of the sale, the vice president now directly owns 149,425 shares in the company, valued at approximately $12,955,147.50. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Medtronic PLC by 1.6% in the second quarter. Vanguard Group Inc. now owns 95,677,703 shares of the medical technology company’s stock worth $8,301,954,000 after buying an additional 1,489,823 shares during the period. FMR LLC raised its stake in Medtronic PLC by 0.3% in the second quarter. FMR LLC now owns 76,043,424 shares of the medical technology company’s stock worth $6,598,288,000 after buying an additional 264,681 shares during the period. Wellington Management Group LLP raised its stake in Medtronic PLC by 3.0% in the first quarter. Wellington Management Group LLP now owns 73,895,527 shares of the medical technology company’s stock worth $5,542,166,000 after buying an additional 2,176,380 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Medtronic PLC by 1.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 49,795,064 shares of the medical technology company’s stock worth $4,320,717,000 after buying an additional 930,313 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Medtronic PLC by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 36,200,845 shares of the medical technology company’s stock worth $2,715,063,000 after buying an additional 211,844 shares during the period. 83.11% of the stock is currently owned by hedge funds and other institutional investors.
About Medtronic PLC
Medtronic plc (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
To view Vetr’s full report, visit Vetr’s official website.
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