Analysts Set Medtronic plc (NYSE:MDT) Target Price at $95.00

Shares of Medtronic plc (NYSE:MDT) have been assigned a consensus recommendation of “Hold” from the seventeen analysts that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, nine have given a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $95.00.

Several equities research analysts have recently commented on the company. Sanford C. Bernstein increased their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Robert W. Baird cut their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Finally, Wells Fargo & Company lowered their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th.

Insider Buying and Selling

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Medtronic

A number of large investors have recently added to or reduced their stakes in MDT. Avestar Capital LLC raised its holdings in Medtronic by 15.9% in the 4th quarter. Avestar Capital LLC now owns 5,928 shares of the medical technology company’s stock valued at $474,000 after acquiring an additional 815 shares in the last quarter. Sawgrass Asset Management LLC increased its position in shares of Medtronic by 27.3% in the fourth quarter. Sawgrass Asset Management LLC now owns 14,851 shares of the medical technology company’s stock worth $1,186,000 after purchasing an additional 3,184 shares during the period. Two Point Capital Management Inc. raised its stake in Medtronic by 0.5% in the fourth quarter. Two Point Capital Management Inc. now owns 92,159 shares of the medical technology company’s stock valued at $8,145,000 after purchasing an additional 437 shares in the last quarter. Van ECK Associates Corp lifted its position in Medtronic by 2,043.4% during the fourth 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 during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in Medtronic by 1.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,061,405 shares of the medical technology company’s stock worth $85,134,000 after buying an additional 18,900 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $91.51 on Thursday. The stock has a 50 day simple moving average of $83.99 and a 200 day simple moving average of $85.83. Medtronic has a 52-week low of $75.96 and a 52-week high of $93.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a market capitalization of $117.34 billion, a PE ratio of 27.98, a P/E/G ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. Sell-side analysts predict that Medtronic will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.06%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

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.