Medtronic (NYSE:MDT) Given New $103.00 Price Target at Truist Financial

Medtronic (NYSE:MDT) had its price target boosted by Truist Financial from $96.00 to $103.00 in a research report released on Wednesday morning, Marketbeat.com reports. The brokerage currently has a hold rating on the medical technology company’s stock.

MDT has been the subject of several other research reports. Wall Street Zen lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Robert W. Baird upped their target price on shares of Medtronic from $94.00 to $96.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. Morgan Stanley restated an “overweight” rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Wells Fargo & Company upped their target price on shares of Medtronic from $98.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, August 20th. Finally, BTIG Research restated a “neutral” rating on shares of Medtronic in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $102.82.

Medtronic Price Performance

Medtronic stock opened at $95.29 on Wednesday. Medtronic has a 52-week low of $79.29 and a 52-week high of $99.37. The firm has a fifty day moving average of $93.94 and a 200-day moving average of $88.90. The firm has a market capitalization of $122.23 billion, a P/E ratio of 26.25, a PEG ratio of 2.54 and a beta of 0.78. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, analysts predict that Medtronic will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic’s dividend payout ratio is 78.24%.

Insiders Place Their Bets

In other Medtronic news, Director William R. Jellison bought 2,500 shares of the company’s stock in a transaction on Monday, August 25th. The shares were bought at an average cost of $92.37 per share, with a total value of $230,925.00. Following the completion of the acquisition, the director owned 5,000 shares of the company’s stock, valued at approximately $461,850. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the sale, the executive vice president directly owned 35,615 shares in the company, valued at $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Medtronic

A number of institutional investors and hedge funds have recently modified their holdings of the business. Brighton Jones LLC increased its holdings in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after acquiring an additional 37,265 shares during the period. GAMMA Investing LLC increased its holdings in shares of Medtronic by 41.1% in the 1st quarter. GAMMA Investing LLC now owns 15,882 shares of the medical technology company’s stock worth $1,427,000 after acquiring an additional 4,626 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Medtronic by 11.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 531,059 shares of the medical technology company’s stock worth $47,721,000 after acquiring an additional 53,340 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Medtronic in the 1st quarter worth about $850,000. Finally, Inscription Capital LLC acquired a new stake in shares of Medtronic in the 1st quarter worth about $743,000. 82.06% of the stock is owned by institutional investors and hedge funds.

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.