Medtronic (NYSE:MDT) Reaches New 12-Month High – Still a Buy?

Medtronic plc (NYSE:MDT) hit a new 52-week high on Thursday . The stock traded as high as $92.66 and last traded at $92.54, with a volume of 323954 shares. The stock had previously closed at $92.27.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Evercore ISI lifted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler raised their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. One investment 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 company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Trading Up 0.1 %

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company’s 50 day moving average price is $89.04 and its 200 day moving average price is $83.74. The company has a market cap of $118.42 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) 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 firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the firm posted $1.20 EPS. The company’s revenue was up 3.4% on a year-over-year basis. Research analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.03%. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC grew its stake in shares of Medtronic by 3.1% during the third quarter. Pathway Financial Advisers LLC now owns 40,637 shares of the medical technology company’s stock worth $3,659,000 after purchasing an additional 1,216 shares during the period. NorthCrest Asset Manangement LLC grew its stake in shares of Medtronic by 2.7% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 116,703 shares of the medical technology company’s stock worth $10,507,000 after acquiring an additional 3,042 shares in the last quarter. Arkadios Wealth Advisors grew its position in Medtronic by 22.6% in the third quarter. Arkadios Wealth Advisors now owns 60,725 shares of the medical technology company’s stock valued at $5,467,000 after purchasing an additional 11,178 shares in the last quarter. Forsta AP Fonden increased its position in shares of Medtronic by 8.8% in the third quarter. Forsta AP Fonden now owns 307,700 shares of the medical technology company’s stock valued at $27,702,000 after acquiring an additional 24,900 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Medtronic by 19.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 84,497 shares of the medical technology company’s stock valued at $7,547,000 after buying an additional 13,952 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Company Profile

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.