Medtronic (NYSE:MDT) Earns “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Medtronic (NYSE:MDT) in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a $92.00 price target on the medical technology company’s stock.

MDT has been the topic of several other reports. Truist Financial reduced their price objective on Medtronic from $88.00 to $85.00 and set a hold rating on the stock in a research note on Tuesday, July 16th. Wells Fargo & Company boosted their price objective on shares of Medtronic from $102.00 to $105.00 and gave the stock an overweight rating in a research note on Friday, May 24th. Citigroup cut their target price on shares of Medtronic from $90.00 to $85.00 and set a neutral rating on the stock in a research note on Wednesday, July 10th. UBS Group upped their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a sell rating in a research report on Friday, May 24th. Finally, The Goldman Sachs Group assumed coverage on Medtronic in a report on Thursday, May 30th. They issued a sell rating and a $83.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has an average rating of Hold and an average target price of $90.90.

Medtronic Price Performance

Medtronic stock opened at $79.48 on Wednesday. Medtronic has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm has a 50 day moving average price of $80.93 and a 200 day moving average price of $83.07. The company has a market cap of $101.91 billion, a price-to-earnings ratio of 28.90, a PEG ratio of 2.37 and a beta of 0.82.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.57 EPS. Sell-side analysts predict that Medtronic will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.70 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend was Friday, June 28th. Medtronic’s dividend payout ratio is currently 101.82%.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Equity Investment Corp boosted its stake in Medtronic by 27.9% during the 4th quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after purchasing an additional 292,459 shares during the period. Loudon Investment Management LLC grew its holdings in Medtronic by 9.5% in the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after buying an additional 874 shares in the last quarter. BKM Wealth Management LLC acquired a new stake in Medtronic in the 4th quarter valued at approximately $941,000. Chemung Canal Trust Co. raised its stake in Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after acquiring an additional 44,846 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its position in Medtronic by 8,340.3% during the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after acquiring an additional 1,026,274 shares during the period. Institutional investors and hedge funds 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.