Vetr Inc. Upgrades Medtronic PLC (MDT) to Strong-Buy
Medtronic PLC (NYSE:MDT) was upgraded by equities researchers at Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $94.55 price target on the medical technology company’s stock. Vetr‘s price objective points to a potential upside of 13.64% from the company’s previous close.
Several other equities analysts have also weighed in on the company. Needham & Company LLC lifted their price objective on Medtronic PLC from $93.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, August 25th. Credit Suisse Group AG reissued an “outperform” rating and set a $92.00 price target on shares of Medtronic PLC in a research report on Thursday, August 25th. Jefferies Group reissued a “buy” rating and set a $93.00 price target on shares of Medtronic PLC in a research report on Thursday, August 25th. Cowen and Company set a $94.00 price target on Medtronic PLC and gave the stock a “buy” rating in a research report on Tuesday, August 23rd. Finally, Citigroup Inc. initiated coverage on Medtronic PLC in a research report on Tuesday, August 23rd. They set a “buy” rating and a $102.00 price target on the stock. Five investment 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 stock has a consensus rating of “Buy” and an average target price of $90.43.
Medtronic PLC (NYSE:MDT) traded down 3.45% during midday trading on Tuesday, hitting $83.20. The stock had a trading volume of 9,865,199 shares. The company has a market cap of $114.98 billion, a price-to-earnings ratio of 32.37 and a beta of 0.88. The company has a 50-day moving average price of $86.31 and a 200-day moving average price of $83.83. Medtronic PLC has a 12-month low of $71.03 and a 12-month high of $89.27.
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Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Thursday, August 25th. The medical technology company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.02. The business had revenue of $7.20 billion for the quarter, compared to analyst estimates of $7.17 billion. Medtronic PLC had a return on equity of 12.06% and a net margin of 12.70%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.02 EPS. Equities analysts anticipate that Medtronic PLC will post $4.66 EPS for the current year.
The company 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 $0.43 dividend. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $1.72 annualized dividend and a dividend yield of 2.07%. Medtronic PLC’s dividend payout ratio (DPR) is 66.93%.
In other news, EVP Geoffrey Martha sold 3,766 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $88.26, for a total value of $332,387.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Shirley A. Jackson sold 2,104 shares of the company’s stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $88.64, for a total value of $186,498.56. Following the completion of the sale, the director now owns 34,503 shares of the company’s stock, valued at approximately $3,058,345.92. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in MDT. Columbia Partners L L C Investment Management raised its stake in shares of Medtronic PLC by 6.5% in the first quarter. Columbia Partners L L C Investment Management now owns 83,828 shares of the medical technology company’s stock valued at $6,287,000 after buying an additional 5,094 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Medtronic PLC by 9.6% in the first quarter. Massmutual Trust Co. FSB ADV now owns 18,982 shares of the medical technology company’s stock valued at $1,424,000 after buying an additional 1,665 shares during the period. Peapack Gladstone Financial Corp raised its stake in shares of Medtronic PLC by 2.7% in the first quarter. Peapack Gladstone Financial Corp now owns 14,619 shares of the medical technology company’s stock valued at $1,096,000 after buying an additional 378 shares during the period. Bristlecone Advisors LLC raised its stake in shares of Medtronic PLC by 4.7% in the first quarter. Bristlecone Advisors LLC now owns 16,572 shares of the medical technology company’s stock valued at $1,243,000 after buying an additional 750 shares during the period. Finally, BlackRock Japan Co. Ltd raised its stake in shares of Medtronic PLC by 0.9% in the first quarter. BlackRock Japan Co. Ltd now owns 1,785,312 shares of the medical technology company’s stock valued at $133,898,000 after buying an additional 15,384 shares during the period. Institutional investors and hedge funds own 83.11% of the company’s stock.
Medtronic PLC Company Profile
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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