Medtronic (NYSE:MDT) Shares Gap Up Following Analyst Upgrade
Medtronic PLC (NYSE:MDT)’s share price gapped up before the market opened on Tuesday after Deutsche Bank raised their price target on the stock from $100.00 to $111.00. The stock had previously closed at $100.38, but opened at $104.18. Deutsche Bank currently has a buy rating on the stock. Medtronic shares last traded at $106.91, with a volume of 11,291,606 shares traded.
Several other equities analysts also recently commented on the company. Cowen restated an “outperform” rating and set a $111.00 target price (up previously from $99.00) on shares of Medtronic in a research report on Wednesday, August 14th. UBS Group raised their target price on Medtronic to $112.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Morgan Stanley lifted their price objective on Medtronic from $100.00 to $105.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. Royal Bank of Canada set a $110.00 price objective on Medtronic and gave the company a “buy” rating in a research report on Friday. Finally, Barclays lifted their price objective on Medtronic from $104.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Medtronic currently has an average rating of “Buy” and an average price target of $107.41.
In other Medtronic news, SVP Bradley E. Lerman sold 4,000 shares of Medtronic stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the transaction, the senior vice president now directly owns 52,906 shares in the company, valued at $5,307,000.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Richard Kuntz sold 3,438 shares of Medtronic stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $101.12, for a total value of $347,650.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,701 shares of company stock valued at $9,318,744. 0.28% of the stock is owned by insiders.
The firm has a market cap of $137.82 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 2.63 and a beta of 0.67. 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 firm has a fifty day moving average of $100.90 and a 200-day moving average of $93.67.
Medtronic (NYSE:MDT) last released its earnings results on Thursday, May 23rd. The medical technology company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.07. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.12 billion. During the same quarter in the prior year, the company posted $1.42 earnings per share. Medtronic’s revenue was up .0% on a year-over-year basis. On average, equities analysts forecast that Medtronic PLC will post 5.47 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend was Friday, July 5th. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio is presently 41.38%.
Medtronic Company Profile (NYSE:MDT)
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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