Medtronic (NYSE:MDT) had its target price raised by Stifel Nicolaus from $95.00 to $112.00 in a research report report published on Wednesday, BenzingaRatingsTable reports. Stifel Nicolaus currently has a hold rating on the medical technology company’s stock.
Other analysts have also recently issued research reports about the stock. Cowen reaffirmed an outperform rating and issued a $111.00 target price (up previously from $99.00) on shares of Medtronic in a report on Wednesday, August 14th. Northland Securities reaffirmed a hold rating and issued a $100.00 target price on shares of Medtronic in a report on Wednesday. Needham & Company LLC reaffirmed a buy rating on shares of Medtronic in a report on Tuesday, July 23rd. Deutsche Bank raised their target price on shares of Medtronic from $100.00 to $111.00 and gave the company a buy rating in a report on Monday, August 19th. Finally, ValuEngine cut shares of Medtronic from a buy rating to a hold rating in a report on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $113.38.
Shares of NYSE:MDT opened at $106.05 on Wednesday. The firm’s 50 day moving average price is $101.64 and its 200 day moving average price is $94.06. The stock has a market cap of $142.23 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 2.69 and a beta of 0.67. Medtronic has a fifty-two week low of $81.66 and a fifty-two week high of $109.70. The company has a quick ratio of 2.15, a current ratio of 2.67 and a debt-to-equity ratio of 0.49.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 dividend on an annualized basis and a yield of 2.04%. This is a boost from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.
In other news, EVP Hooman Hakami sold 52,664 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the transaction, the executive vice president now directly owns 95,337 shares in the company, valued at $9,294,404.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Carol A. Surface sold 9,000 shares of the firm’s 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 disclosure for this sale can be found here. In the last three months, insiders have sold 95,701 shares of company stock worth $9,318,744. 0.28% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in MDT. Nuveen Asset Management LLC grew its position in shares of Medtronic by 12,846.1% during the second quarter. Nuveen Asset Management LLC now owns 8,157,866 shares of the medical technology company’s stock worth $794,495,000 after acquiring an additional 8,094,852 shares during the last quarter. BlackRock Inc. grew its position 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 worth $9,725,349,000 after acquiring an additional 7,856,946 shares during the last quarter. Longview Partners Guernsey LTD grew its position in shares of Medtronic by 46.0% during the second quarter. Longview Partners Guernsey LTD now owns 8,843,721 shares of the medical technology company’s stock worth $861,290,000 after acquiring an additional 2,787,443 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Medtronic by 35.4% during the first quarter. Nordea Investment Management AB now owns 8,622,525 shares of the medical technology company’s stock worth $785,336,000 after acquiring an additional 2,255,412 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Medtronic during the second quarter worth approximately $214,895,000. Institutional investors and hedge funds own 80.62% of the company’s stock.
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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