Medtronic plc (NYSE:MDT) Receives $95.00 Average Target Price from Brokerages

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

Several analysts recently weighed in on the stock. Sanford C. Bernstein lifted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Evercore ISI lifted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Barclays raised their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $80.95 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average price of $84.89 and a 200-day moving average price of $84.86. The company has a market cap of $103.80 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 2.33 and a beta of 0.83. Medtronic has a 12 month low of $75.96 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.25 EPS. As a group, equities analysts anticipate that Medtronic will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.46%. Medtronic’s payout ratio is 85.63%.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic during the 3rd quarter valued at $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic during the 3rd quarter valued at $30,000. Finally, Chelsea Counsel Co. bought a new position in shares of Medtronic during the 3rd quarter valued at $45,000. 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.