Royal Bank of Canada Raises Medtronic (NYSE:MDT) Price Target to $98.00

Medtronic (NYSE:MDTFree Report) had its price target boosted by Royal Bank of Canada from $92.00 to $98.00 in a research report released on Tuesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the medical technology company’s stock.

A number of other research firms also recently issued reports on MDT. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the stock a neutral rating in a research note on Tuesday, October 1st. Truist Financial raised their price target on Medtronic from $85.00 to $90.00 and gave the stock a hold rating in a research note on Friday, August 23rd. Daiwa America upgraded Medtronic to a strong-buy rating in a research report on Friday, August 23rd. Robert W. Baird lifted their target price on Medtronic from $82.00 to $90.00 and gave the company a neutral rating in a research report on Wednesday, August 21st. Finally, Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the company a neutral rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $95.14.

View Our Latest Report on Medtronic

Medtronic Stock Up 0.6 %

MDT stock opened at $89.35 on Tuesday. Medtronic has a twelve month low of $68.84 and a twelve month high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The firm has a market cap of $114.57 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The business has a 50 day moving average of $87.54 and a 200 day moving average of $83.46.

Medtronic (NYSE:MDTGet Free Report) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the business posted $1.20 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. On average, research analysts forecast that Medtronic will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. Medtronic’s dividend payout ratio is presently 101.82%.

Institutional Investors Weigh In On Medtronic

A number of institutional investors and hedge funds have recently bought and sold shares of MDT. Lynx Investment Advisory bought a new stake in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic in the first quarter worth about $33,000. Fortis Group Advisors LLC increased its holdings in shares of Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the last quarter. Riverview Trust Co bought a new stake in shares of Medtronic in the first quarter worth about $39,000. Finally, Gleason Group Inc. bought a new stake in shares of Medtronic in the second quarter worth about $42,000. 82.06% of the stock is owned by institutional investors.

About Medtronic

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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.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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