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

Medtronic plc (NYSE:MDT) has earned an average recommendation of “Hold” from the sixteen ratings firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have given a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $95.00.

MDT has been the subject of several research analyst reports. UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Sanford C. Bernstein upped their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th.

Medtronic Stock Up 2.3 %

Shares of NYSE:MDT opened at $89.95 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market cap of $115.34 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. Medtronic has a 52 week low of $75.96 and a 52 week high of $93.08. The firm has a 50 day simple moving average of $86.08 and a 200 day simple moving average of $87.18.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, research analysts expect that Medtronic will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.11%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently made changes to their positions in MDT. Norges Bank bought a new position in shares of Medtronic during the 4th quarter worth about $1,163,580,000. Raymond James Financial Inc. acquired a new stake in shares of Medtronic during the 4th quarter worth about $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Medtronic by 436.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after purchasing an additional 5,975,110 shares in the last quarter. Beutel Goodman & Co Ltd. acquired a new stake in shares of Medtronic during the 4th quarter worth about $377,169,000. Finally, Van ECK Associates Corp increased its position in shares of Medtronic by 2,043.4% during the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after purchasing an additional 2,476,935 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

About Medtronic

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.