Robert W. Baird Boosts Medtronic (NYSE:MDT) Price Target to $90.00

Medtronic (NYSE:MDT) had its price target raised by Robert W. Baird from $82.00 to $90.00 in a report published on Wednesday, Benzinga reports. They currently have a neutral rating on the medical technology company’s stock.

Several other equities analysts have also commented on the stock. Needham & Company LLC reiterated a hold rating on shares of Medtronic in a research report on Tuesday. UBS Group upgraded Medtronic from a sell rating to a neutral rating and lifted their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Royal Bank of Canada restated a sector perform rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, July 17th. The Goldman Sachs Group started coverage on Medtronic in a research note on Thursday, May 30th. They issued a sell rating and a $83.00 price objective for the company. Finally, Wells Fargo & Company increased their price target on Medtronic from $102.00 to $105.00 and gave the company an overweight rating in a report on Friday, May 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $92.92.

Medtronic Trading Up 0.6 %

Shares of Medtronic stock opened at $88.35 on Wednesday. Medtronic has a twelve month low of $68.84 and a twelve month high of $89.24. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average price of $80.48 and a 200-day moving average price of $82.35. The firm has a market cap of $113.29 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.20 EPS. Equities research analysts anticipate that Medtronic will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. MeadowBrook Investment Advisors LLC bought a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. LifeSteps Financial Inc. bought a new stake in Medtronic during the 1st quarter valued at $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the 2nd quarter valued at $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic in the 1st quarter worth $33,000. Finally, Fortis Group Advisors LLC lifted its stake in shares of Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the last quarter. 82.06% of the stock is currently 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.