Medtronic PLC (NYSE:MDT) Receives $97.87 Average Target Price from Brokerages

Medtronic PLC (NYSE:MDT) has earned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $97.87.

Several research firms recently issued reports on MDT. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Robert W. Baird lowered their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Finally, Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st.

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently modified their holdings of MDT. Mainstream Capital Management LLC purchased a new stake in Medtronic in the 4th quarter worth about $26,000. Burkett Financial Services LLC lifted its stake in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 185 shares in the last quarter. 1248 Management LLC acquired a new position in Medtronic in the 1st quarter worth about $26,000. Rakuten Securities Inc. increased its position in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 294 shares during the last quarter. Finally, Wood Tarver Financial Group LLC acquired a new position in Medtronic in the 4th quarter worth about $27,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.5%

Shares of NYSE:MDT opened at $86.41 on Friday. The stock has a 50-day simple moving average of $84.74 and a 200-day simple moving average of $86.31. The stock has a market capitalization of $110.83 billion, a P/E ratio of 23.87, a PEG ratio of 2.32 and a beta of 0.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic has a 1 year low of $75.96 and a 1 year high of $96.25.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the company posted $1.46 EPS. Medtronic’s quarterly revenue was up 3.9% on a year-over-year basis. Equities analysts forecast that Medtronic will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.29%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio is currently 77.35%.

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.