Truist Financial Increases Medtronic (NYSE:MDT) Price Target to $93.00

Medtronic (NYSE:MDT) had its price target lifted by Truist Financial from $90.00 to $93.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a hold rating on the medical technology company’s stock.

A number of other research analysts have also issued reports on MDT. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Oppenheimer boosted their target price 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. Stifel Nicolaus boosted their target price 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 company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Citigroup boosted their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

Shares of MDT opened at $89.78 on Monday. The business’s 50 day moving average is $88.25 and its two-hundred day moving average is $83.56. Medtronic has a 52-week low of $68.84 and a 52-week high of $91.49. The firm has a market cap of $115.12 billion, a price-to-earnings ratio of 32.65, a PEG ratio of 2.53 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its quarterly earnings results 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the business earned $1.20 EPS. The business’s quarterly revenue was up 3.4% on a year-over-year basis. Analysts forecast that Medtronic will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is 101.82%.

Institutional Trading of Medtronic

Several large investors have recently added to or reduced their stakes in MDT. Lynx Investment Advisory bought a new stake in shares of Medtronic during the 2nd quarter worth $28,000. Tributary Capital Management LLC bought a new stake in shares of Medtronic during the 1st quarter worth $33,000. Riverview Trust Co bought a new stake in shares of Medtronic during the 1st quarter worth $39,000. Gleason Group Inc. bought a new stake in shares of Medtronic during the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in Medtronic in the 2nd quarter valued at $43,000. 82.06% of the stock is owned by institutional investors.

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.