Medtronic (NYSE:MDT) Price Target Raised to $98.00 at Royal Bank of Canada

Medtronic (NYSE:MDT) had its price target raised by Royal Bank of Canada from $92.00 to $98.00 in a report published on Tuesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the medical technology company’s stock.

Several other equities analysts have also weighed in on the stock. Needham & Company LLC restated a hold rating on shares of Medtronic in a report on Tuesday, August 20th. UBS Group upgraded Medtronic from a sell rating to a neutral rating and boosted their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Truist Financial increased their target price on Medtronic from $85.00 to $90.00 and gave the company a hold rating in a research note on Friday, August 23rd. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the stock an overweight rating in a research report on Thursday, August 22nd. Finally, Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the stock a market perform rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $95.14.

Medtronic Trading Up 0.6 %

Shares of MDT opened at $88.85 on Tuesday. Medtronic has a twelve month low of $68.84 and a twelve month high of $91.49. The firm has a market capitalization of $113.95 billion, a P/E ratio of 30.02, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock’s fifty day simple moving average is $87.39 and its 200 day simple moving average is $83.42.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates 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 period last year, the business posted $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts forecast that Medtronic will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared 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. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.15%. Medtronic’s dividend payout ratio is currently 94.59%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lynx Investment Advisory acquired a new position in shares of Medtronic during the second quarter worth approximately $28,000. Tributary Capital Management LLC bought a new stake in Medtronic during the 1st quarter valued at $33,000. Fortis Group Advisors LLC boosted its position in 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 acquiring an additional 230 shares during the period. Riverview Trust Co bought a new position in shares of Medtronic in the first quarter worth $39,000. Finally, Gleason Group Inc. acquired a new position in shares of Medtronic during the second quarter valued at $42,000. Institutional investors 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.