Brokerages Set Medtronic PLC (NYSE:MDT) PT at $99.00

Shares of Medtronic PLC (NYSE:MDT) have been assigned an average recommendation of “Moderate Buy” from the twenty-eight brokerages that are currently covering the firm, Marketbeat.com reports. Eleven investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $99.00.

A number of analysts have issued reports on MDT shares. Citigroup cut their target price on Medtronic from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings downgraded Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 21st. Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Needham & Company LLC cut their price objective on Medtronic from $120.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, June 3rd. Finally, Evercore set a $106.00 price objective on Medtronic and gave the stock an “outperform” rating in a research report on Thursday, April 9th.

Medtronic Trading Up 0.0%

Shares of MDT stock opened at $80.28 on Friday. The stock’s fifty day moving average is $80.97 and its two-hundred day moving average is $91.46. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The firm has a market capitalization of $103.07 billion, a P/E ratio of 21.52, a PEG ratio of 1.95 and a beta of 0.58. Medtronic has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the firm posted $1.62 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts expect that Medtronic will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is 76.14%.

Insider Buying and Selling

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the transaction, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Medtronic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Monetary Solutions Ltd purchased a new position in shares of Medtronic in the 4th quarter valued at about $27,000. Lodestone Wealth Management LLC purchased a new stake in Medtronic during the fourth quarter worth approximately $27,000. Anfield Capital Management LLC lifted its stake in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 230 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in Medtronic during the fourth quarter worth approximately $29,000. Finally, GoalVest Advisory LLC purchased a new stake in Medtronic during the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).