Medtronic (NYSE:MDT) Sets New 52-Week High After Analyst Upgrade

Medtronic PLC (NYSE:MDT) hit a new 52-week high during mid-day trading on Thursday after UBS Group raised their price target on the stock from $127.00 to $130.00. UBS Group currently has a buy rating on the stock. Medtronic traded as high as $119.02 and last traded at $118.99, with a volume of 873222 shares traded. The stock had previously closed at $117.33.

A number of other equities analysts have also commented on MDT. Morgan Stanley raised their target price on shares of Medtronic from $116.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. SunTrust Banks started coverage on shares of Medtronic in a research report on Tuesday, January 7th. They set a “buy” rating and a $130.00 target price on the stock. Deutsche Bank started coverage on shares of Medtronic in a research report on Friday, January 3rd. They set a “buy” rating and a $99.00 target price on the stock. Citigroup lowered shares of Medtronic from a “buy” rating to a “neutral” rating in a research report on Thursday, January 2nd. Finally, Piper Jaffray Companies raised their target price on shares of Medtronic to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Medtronic presently has a consensus rating of “Buy” and a consensus target price of $119.90.

In other Medtronic news, Director Richard H. Anderson acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $111.13 per share, with a total value of $555,650.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert John White sold 52,165 shares of Medtronic stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $109.33, for a total transaction of $5,703,199.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,433 shares of company stock worth $11,704,539. 0.28% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of MDT. Sciencast Management LP grew its holdings in Medtronic by 294.0% in the fourth quarter. Sciencast Management LP now owns 25,648 shares of the medical technology company’s stock worth $2,983,000 after purchasing an additional 19,138 shares during the last quarter. Red Spruce Capital LLC acquired a new stake in shares of Medtronic during the fourth quarter worth $1,793,000. Cullinan Associates Inc. lifted its stake in shares of Medtronic by 2.1% during the fourth quarter. Cullinan Associates Inc. now owns 90,307 shares of the medical technology company’s stock worth $10,245,000 after buying an additional 1,855 shares during the period. AE Wealth Management LLC lifted its stake in shares of Medtronic by 29.0% during the fourth quarter. AE Wealth Management LLC now owns 48,720 shares of the medical technology company’s stock worth $5,527,000 after buying an additional 10,940 shares during the period. Finally, Deane Retirement Strategies Inc. acquired a new stake in shares of Medtronic during the fourth quarter worth $1,783,000. 80.65% of the stock is currently owned by institutional investors.

The company’s 50 day moving average price is $113.84 and its 200 day moving average price is $107.66. The company has a quick ratio of 2.28, a current ratio of 2.77 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $156.88 billion, a price-to-earnings ratio of 22.76, a P/E/G ratio of 2.84 and a beta of 0.60.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.03. Medtronic had a net margin of 15.11% and a return on equity of 14.52%. The business had revenue of $7.71 billion during the quarter, compared to the consensus estimate of $7.66 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, analysts expect that Medtronic PLC will post 5.6 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Friday, December 27th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, December 26th. This represents a $2.16 annualized dividend and a dividend yield of 1.82%. Medtronic’s payout ratio is currently 41.38%.

Medtronic Company Profile (NYSE:MDT)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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