Medtronic plc (NYSE:MDT) Given Average Rating of “Hold” by Brokerages

Medtronic plc (NYSE:MDT) has been given a consensus rating of “Hold” by the eleven brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $94.91.

A number of equities analysts have issued reports on MDT shares. Truist Financial lifted their price target on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Oppenheimer lifted their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Mizuho lifted their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 21st.

Medtronic Stock Performance

Shares of Medtronic stock opened at $80.56 on Tuesday. Medtronic has a one year low of $68.84 and a one year high of $92.02. The firm has a market capitalization of $106.97 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.72 and a beta of 0.76. The business has a 50-day simple moving average of $83.84 and a 200 day simple moving average of $81.11. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The business had revenue of $8.09 billion during the quarter, compared to the consensus estimate 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 previous year, the business earned $1.30 EPS. On average, research analysts anticipate that Medtronic will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were paid a $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.43%. Medtronic’s payout ratio is 87.90%.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the company’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 transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The shares were 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 approximately $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly 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 owned by company insiders.

Institutional Investors Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Hartford Financial Management Inc. increased its holdings in shares of Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after purchasing an additional 255 shares during the period. Fortitude Family Office LLC bought a new position in shares of Medtronic in the fourth quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. increased its holdings in shares of Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares during the period. MeadowBrook Investment Advisors LLC bought a new position in shares of Medtronic in the fourth quarter worth $27,000. Finally, Financial Gravity Asset Management Inc. increased its stake in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the last quarter. Institutional investors 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.