Leerink Partners Begins Coverage on Medtronic (NYSE:MDT)

Leerink Partners started coverage on shares of Medtronic (NYSE:MDT) in a research report report published on Monday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $110.00 price objective on the medical technology company’s stock.

Several other research analysts also recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Finally, Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $97.87.

Medtronic Trading Up 0.7%

Shares of MDT opened at $87.92 on Monday. Medtronic has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a market cap of $112.76 billion, a P/E ratio of 26.72, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company’s fifty day simple moving average is $84.33 and its 200-day simple moving average is $86.27.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the firm posted $1.46 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, analysts expect that Medtronic will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio (DPR) is currently 78.45%.

Institutional Trading of Medtronic

Institutional investors have recently modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $26,000. Burkett Financial Services LLC boosted its holdings in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares in the last quarter. 1248 Management LLC bought a new stake in shares of Medtronic in the 1st quarter valued at about $26,000. Rakuten Securities Inc. boosted its holdings in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after buying an additional 294 shares in the last quarter. Finally, Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $27,000. 82.06% of the stock is currently owned by institutional investors.

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.