Medtronic (NYSE:MDT) Price Target Raised to $92.00

Medtronic (NYSE:MDT) had its price objective lifted by Citigroup from $85.00 to $92.00 in a research note released on Tuesday morning, Benzinga reports. Citigroup currently has a neutral rating on the medical technology company’s stock.

A number of other brokerages have also recently weighed in on MDT. Barclays lifted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an overweight rating in a report on Thursday, August 22nd. Stifel Nicolaus boosted their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a hold rating in a report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a sell rating to a neutral rating and boosted their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a market perform rating in a report on Wednesday, August 21st. Finally, Daiwa America upgraded shares of Medtronic to a strong-buy rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $94.21.

Medtronic Price Performance

Shares of MDT opened at $87.77 on Tuesday. Medtronic has a 1-year low of $68.84 and a 1-year high of $91.49. The stock has a market cap of $112.54 billion, a PE ratio of 31.92, a P/E/G ratio of 2.56 and a beta of 0.84. The firm has a 50-day simple moving average of $86.58 and a two-hundred day simple moving average of $83.26. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 earnings per share. As a group, analysts forecast that Medtronic will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.19%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Institutional Trading of Medtronic

Institutional investors and hedge funds have recently bought and sold shares of the business. LifeSteps Financial Inc. purchased a new position in Medtronic during the 1st quarter worth $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the 2nd quarter worth $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the 1st quarter worth $33,000. Riverview Trust Co purchased a new position in Medtronic during the 1st quarter worth $39,000. Finally, Fortis Group Advisors LLC grew its stake in shares of Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.