Barclays Boosts Medtronic (NYSE:MDT) Price Target to $110.00

Medtronic (NYSE:MDT) had its target price increased by Barclays from $104.00 to $110.00 in a research report report published on Thursday morning, The Fly reports. The firm currently has an overweight rating on the medical technology company’s stock.

A number of other analysts also recently commented on MDT. Royal Bank of Canada lowered their target price on Medtronic to $100.00 and set an outperform rating on the stock in a research note on Tuesday, May 28th. Zacks Investment Research downgraded GreenTree Hospitality Group from a buy rating to a hold rating in a research note on Monday, May 20th. Needham & Company LLC restated a buy rating and issued a $121.00 target price on shares of Medtronic in a research note on Monday, May 27th. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Finally, UBS Group lowered their target price on Broadcom from $325.00 to $310.00 and set a buy rating on the stock in a research note on Friday, June 14th. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Medtronic has an average rating of Buy and a consensus target price of $105.76.

Shares of MDT opened at $99.25 on Thursday. Medtronic has a 52 week low of $81.66 and a 52 week high of $100.15. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $133.11 billion, a P/E ratio of 19.01, a price-to-earnings-growth ratio of 2.54 and a beta of 0.68. The business has a 50-day moving average of $96.75.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.07. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The firm had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $8.12 billion. During the same quarter in the prior year, the business earned $1.42 earnings per share. The company’s revenue was up .0% compared to the same quarter last year. Equities research analysts expect that Medtronic will post 5.47 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Monday, July 8th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $2.16 dividend on an annualized basis and a yield of 2.18%. This is an increase from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio is currently 41.38%.

In other Medtronic news, SVP Carol A. Surface sold 9,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $97.66, for a total transaction of $878,940.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard H. Anderson purchased 10,900 shares of the stock in a transaction on Friday, May 24th. The shares were acquired at an average price of $92.40 per share, for a total transaction of $1,007,160.00. Following the transaction, the director now directly owns 89,912 shares of the company’s stock, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Insiders have sold 81,664 shares of company stock worth $7,896,623 in the last quarter. 0.28% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in MDT. BlackRock Inc. raised its holdings in shares of Medtronic by 7.9% during the first quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock valued at $9,725,349,000 after acquiring an additional 7,856,946 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Medtronic by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 16,690,207 shares of the medical technology company’s stock valued at $1,515,557,000 after acquiring an additional 1,538,130 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Medtronic by 4.3% during the fourth quarter. Northern Trust Corp now owns 16,526,215 shares of the medical technology company’s stock valued at $1,503,225,000 after acquiring an additional 688,537 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Medtronic by 2.2% during the first quarter. Wells Fargo & Company MN now owns 13,714,625 shares of the medical technology company’s stock valued at $1,249,129,000 after acquiring an additional 291,291 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Medtronic during the fourth quarter valued at approximately $1,120,279,000. 80.03% of the stock is owned by institutional investors and hedge funds.

About Medtronic

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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