Barclays Begins Coverage on Medtronic (MDT)

Barclays began coverage on shares of Medtronic (NYSE:MDT) in a research report report published on Monday morning, Marketbeat.com reports. The firm issued an overweight rating and a $113.00 price target on the medical technology company’s stock.

Several other equities analysts have also issued reports on the company. Needham & Company LLC upgraded Medtronic from a buy rating to a strong-buy rating and boosted their target price for the stock from $103.00 to $119.00 in a research report on Monday, August 13th. Wells Fargo & Co boosted their target price on Medtronic from $95.00 to $101.00 and gave the company a market perform rating in a research note on Wednesday, August 22nd. Argus boosted their target price on Medtronic from $95.00 to $108.00 and gave the company a buy rating in a research note on Monday, August 27th. Leerink Swann boosted their target price on Medtronic from $95.00 to $100.00 and gave the company a market perform rating in a research note on Wednesday, August 22nd. Finally, Zacks Investment Research cut Medtronic from a hold rating to a sell rating in a research note on Tuesday, August 7th. Eight analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Medtronic presently has a consensus rating of Buy and an average target price of $102.08.

Medtronic stock opened at $95.92 on Monday. The stock has a market cap of $132.85 billion, a PE ratio of 20.32, a P/E/G ratio of 2.61 and a beta of 0.92. Medtronic has a 1 year low of $76.41 and a 1 year high of $100.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.46 and a quick ratio of 2.06.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 21st. The medical technology company reported $1.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.06. The company had revenue of $7.38 billion during the quarter, compared to analyst estimates of $7.24 billion. Medtronic had a return on equity of 12.98% and a net margin of 10.56%. The company’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.12 EPS. Equities analysts forecast that Medtronic will post 5.12 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, September 28th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Thursday, September 27th. Medtronic’s dividend payout ratio is currently 41.93%.

In other Medtronic news, Director Richard H. Anderson bought 2,600 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The shares were acquired at an average cost of $95.88 per share, with a total value of $249,288.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Richard Kuntz sold 47,176 shares of the business’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $95.88, for a total value of $4,523,234.88. Following the transaction, the senior vice president now directly owns 152,579 shares in the company, valued at $14,629,274.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 268,678 shares of company stock worth $25,818,353. Company insiders own 0.28% of the company’s stock.

Several hedge funds have recently bought and sold shares of MDT. Ballew Advisors Inc acquired a new position in Medtronic in the 2nd quarter valued at $100,000. BDO Wealth Advisors LLC grew its holdings in Medtronic by 99.6% in the 1st quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock valued at $115,000 after buying an additional 712 shares in the last quarter. Fort L.P. acquired a new position in Medtronic in the 2nd quarter valued at $121,000. Global Trust Asset Management LLC grew its holdings in Medtronic by 112.1% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock valued at $130,000 after buying an additional 805 shares in the last quarter. Finally, Trustcore Financial Services LLC grew its holdings in Medtronic by 97.3% in the 2nd quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock valued at $151,000 after buying an additional 868 shares in the last quarter. 79.90% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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