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Medtronic Plc (NYSE:MDT) Receives Average Rating of "Hold" From Analysts

Defense World · Jan 29, 2023 03:32

Medtronic plc (NYSE:MDT – Get Rating) has received an average rating of "Hold" from the twenty-four research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $91.78.

A number of analysts recently commented on the company. Oppenheimer lowered Medtronic from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $106.00 to $85.00 in a research report on Wednesday, November 23rd. Mizuho lowered their price target on Medtronic from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, January 24th. Barclays decreased their price objective on shares of Medtronic from $90.00 to $85.00 and set an "equal weight" rating for the company in a report on Friday, November 25th. Cowen cut their target price on shares of Medtronic from $117.00 to $90.00 in a report on Wednesday, November 23rd. Finally, Royal Bank of Canada lowered shares of Medtronic from an "outperform" rating to a "sector perform" rating and decreased their price target for the company from $102.00 to $89.00 in a report on Monday, January 9th.

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Medtronic Trading Up 0.9 %

MDT stock opened at $82.58 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.41 and a debt-to-equity ratio of 0.40. The firm has a market cap of $109.85 billion, a P/E ratio of 25.65, a P/E/G ratio of 2.01 and a beta of 0.72. Medtronic has a 1-year low of $75.76 and a 1-year high of $114.31. The business's 50 day moving average is $78.93 and its 200-day moving average is $84.49.

Medtronic (NYSE:MDT – Get Rating) last issued its quarterly earnings data on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.02. Medtronic had a net margin of 14.03% and a return on equity of 13.52%. The firm had revenue of $7.59 billion for the quarter, compared to analysts' expectations of $7.70 billion. During the same period in the prior year, the firm earned $1.32 earnings per share. The company's quarterly revenue was down 3.3% compared to the same quarter last year. Equities analysts anticipate that Medtronic will post 5.26 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Wednesday, December 21st were issued a $0.68 dividend. The ex-dividend date was Tuesday, December 20th. This represents a $2.72 annualized dividend and a yield of 3.29%. Medtronic's payout ratio is currently 84.47%.

Insider Buying and Selling

In other news, EVP Sean Salmon sold 16,631 shares of the stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $80.50, for a total value of $1,338,795.50. Following the completion of the sale, the executive vice president now owns 36,088 shares in the company, valued at $2,905,084. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Bivin & Associates Inc. raised its position in Medtronic by 1.1% during the 2nd quarter. Bivin & Associates Inc. now owns 9,785 shares of the medical technology company's stock valued at $878,000 after purchasing an additional 110 shares during the last quarter. Abbrea Capital LLC lifted its stake in Medtronic by 1.7% during the 2nd quarter. Abbrea Capital LLC now owns 6,632 shares of the medical technology company's stock valued at $600,000 after acquiring an additional 112 shares during the period. HighTower Trust Services LTA increased its position in shares of Medtronic by 2.4% during the 2nd quarter. HighTower Trust Services LTA now owns 4,819 shares of the medical technology company's stock valued at $424,000 after purchasing an additional 113 shares during the last quarter. Hotaling Investment Management LLC increased its position in shares of Medtronic by 0.6% during the 2nd quarter. Hotaling Investment Management LLC now owns 20,675 shares of the medical technology company's stock valued at $1,856,000 after purchasing an additional 114 shares during the last quarter. Finally, Bank of Stockton increased its holdings in Medtronic by 1.2% in the 2nd quarter. Bank of Stockton now owns 10,058 shares of the medical technology company's stock worth $903,000 after acquiring an additional 115 shares in the last quarter. 80.37% of the stock is currently owned by hedge funds and other institutional investors.

About Medtronic

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.