Wells Fargo & Company Boosts Medtronic (NYSE:MDT) Price Target to $105.00

Medtronic (NYSE:MDT) had its price objective lifted by Wells Fargo & Company from $102.00 to $105.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the medical technology company’s stock.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC restated a hold rating on shares of Medtronic in a research note on Friday. Truist Financial cut their price target on Medtronic from $90.00 to $88.00 and set a hold rating for the company in a research note on Friday. Royal Bank of Canada restated a sector perform rating and set a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 21st. Mizuho boosted their price target on Medtronic from $95.00 to $98.00 and gave the company a buy rating in a research note on Wednesday, February 21st. Finally, Oppenheimer boosted their price target on Medtronic from $89.00 to $92.00 and gave the company a market perform rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $94.00.

Medtronic Price Performance

Shares of NYSE:MDT opened at $82.29 on Friday. Medtronic has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The business has a 50-day simple moving average of $82.78 and a two-hundred day simple moving average of $82.91. 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 market cap of $109.27 billion, a price-to-earnings ratio of 29.92, a price-to-earnings-growth ratio of 2.69 and a beta of 0.78.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same quarter in the previous year, the firm earned $1.57 EPS. Medtronic’s revenue was up .5% on a year-over-year basis. On average, analysts expect that Medtronic will post 5.45 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.40%. Medtronic’s payout ratio is 101.82%.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors boosted its stake in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the period. Morgan Stanley boosted its stake in Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Bank of New York Mellon Corp boosted its stake in Medtronic by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after purchasing an additional 727,931 shares during the period. Norges Bank bought a new position in Medtronic in the 4th quarter worth approximately $1,229,726,000. Finally, Northern Trust Corp boosted its stake in Medtronic by 2.1% in the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after purchasing an additional 285,819 shares during the period. 82.06% of the stock is currently owned by institutional investors.

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.