Medtronic (NYSE:MDT) Price Target Raised to $104.00 at Evercore ISI

Medtronic (NYSE:MDT) had its price target raised by Evercore ISI from $100.00 to $104.00 in a report published on Tuesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the medical technology company’s stock.

A number of other equities analysts have also issued reports on MDT. Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a neutral rating in a research report on Wednesday, August 21st. Royal Bank of Canada reaffirmed a sector perform rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a market perform rating in a report on Wednesday, August 21st. Truist Financial boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a hold rating in a report on Friday, August 23rd. Finally, UBS Group raised shares of Medtronic from a sell rating to a neutral rating and boosted their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has a consensus rating of Hold and a consensus target price of $94.21.

Medtronic Trading Down 1.5 %

Shares of MDT stock opened at $87.77 on Tuesday. Medtronic has a 12 month low of $68.84 and a 12 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 business’s 50 day moving average is $86.58 and its two-hundred day moving average is $83.26. The company has a market cap of $112.54 billion, a PE ratio of 31.92, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly 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 company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the company posted $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts predict that Medtronic will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.19%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Park Avenue Securities LLC lifted its position in Medtronic by 3.3% during the 3rd quarter. Park Avenue Securities LLC now owns 24,993 shares of the medical technology company’s stock worth $2,250,000 after buying an additional 809 shares in the last quarter. Farmers Trust Co. lifted its position in Medtronic by 1.4% during the 3rd quarter. Farmers Trust Co. now owns 64,945 shares of the medical technology company’s stock valued at $5,847,000 after purchasing an additional 884 shares during the period. Curbstone Financial Management Corp acquired a new position in Medtronic during the 3rd quarter valued at about $413,000. Czech National Bank lifted its position in Medtronic by 3.3% during the 3rd quarter. Czech National Bank now owns 261,279 shares of the medical technology company’s stock valued at $23,523,000 after purchasing an additional 8,249 shares during the period. Finally, Central Pacific Bank Trust Division lifted its position in Medtronic by 14.8% during the 3rd quarter. Central Pacific Bank Trust Division now owns 2,411 shares of the medical technology company’s stock valued at $217,000 after purchasing an additional 311 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.