Medtronic (NYSE:MDT) Downgraded by Stifel Nicolaus to “Hold”

Stifel Nicolaus cut shares of Medtronic (NYSE:MDT) from a buy rating to a hold rating in a research report sent to investors on Wednesday, MarketBeat reports. They currently have $85.00 price target on the medical technology company’s stock, down from their previous price target of $100.00.

Several other equities analysts also recently weighed in on the company. Royal Bank of Canada reaffirmed a sector perform rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, July 17th. Wells Fargo & Company lifted their price target on Medtronic from $102.00 to $105.00 and gave the stock an overweight rating in a research note on Friday, May 24th. Truist Financial lowered their price objective on shares of Medtronic from $88.00 to $85.00 and set a hold rating on the stock in a research note on Tuesday, July 16th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a sell rating and a $83.00 price target on the stock. Finally, UBS Group raised their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a sell rating in a research note on Friday, May 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of Hold and an average target price of $91.30.

Medtronic Stock Down 0.7 %

MDT opened at $81.73 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic has a 12 month low of $68.84 and a 12 month high of $89.18. The stock has a market capitalization of $104.80 billion, a P/E ratio of 29.72, a P/E/G ratio of 2.35 and a beta of 0.82. The business has a 50 day simple moving average of $79.97 and a 200-day simple moving average of $82.38.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the company posted $1.57 EPS. The business’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities analysts anticipate that Medtronic will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date was Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.43%. Medtronic’s payout ratio is presently 101.82%.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Several institutional investors have recently modified their holdings of the company. Capital Research Global Investors grew its position in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Medtronic by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock valued at $1,901,357,000 after acquiring an additional 727,931 shares in the last quarter. Norges Bank acquired a new position in shares of Medtronic during the fourth quarter valued at approximately $1,229,726,000. Sanders Capital LLC raised its holdings in Medtronic by 2.8% during the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after purchasing an additional 346,641 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Medtronic by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after purchasing an additional 101,111 shares in 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.