Shares of Medtronic PLC (NYSE:MDT – Get Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-seven analysts that are currently covering the company, MarketBeat reports. Ten investment analysts have rated the stock with a hold recommendation and seventeen have issued a buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $98.9583.
Several equities analysts have commented on the stock. Sanford C. Bernstein dropped their target price on shares of Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research report on Thursday, June 4th. BTIG Research upgraded Medtronic from a “neutral” rating to a “buy” rating and set a $90.00 price target on the stock in a report on Wednesday, June 3rd. The Goldman Sachs Group cut their price objective on Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Piper Sandler reiterated a “neutral” rating and set a $85.00 target price on shares of Medtronic in a research note on Tuesday, June 16th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $118.00 price target on shares of Medtronic in a report on Thursday, June 4th.
Read Our Latest Stock Analysis on Medtronic
Medtronic Stock Up 3.3%
Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. During the same period last year, the business earned $1.62 EPS. The business’s revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts expect that Medtronic will post 5.94 earnings per share for the current fiscal year.
Medtronic Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s payout ratio is currently 77.21%.
Insider Activity at Medtronic
In related news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.26% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in Medtronic in the 4th quarter worth approximately $1,653,485,000. WCM Investment Management LLC purchased a new stake in shares of Medtronic during the first quarter worth $965,922,000. Capital Research Global Investors boosted its holdings in shares of Medtronic by 12.6% in the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after acquiring an additional 3,880,174 shares during the period. Barclays PLC grew its position in shares of Medtronic by 104.6% in the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company’s stock valued at $650,604,000 after purchasing an additional 3,492,192 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in shares of Medtronic by 78.3% in the third quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company’s stock valued at $717,143,000 after purchasing an additional 3,307,211 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.
Medtronic Company Profile
Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.
Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).
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