Medtronic (NYSE:MDT) Given New $92.00 Price Target at Stifel Nicolaus

Posted by Defense World Staff on May 27th, 2023

Medtronic (NYSE:MDT – Get Rating) had its price objective hoisted by Stifel Nicolaus from $90.00 to $92.00 in a research note released on Friday, The Fly reports.

A number of other brokerages also recently weighed in on MDT. Truist Financial boosted their target price on shares of Medtronic from $88.00 to $93.00 in a research note on Monday, April 24th. Wells Fargo & Company raised shares of Medtronic from an equal weight rating to an overweight rating and boosted their price target for the stock from $77.00 to $100.00 in a research note on Monday, April 24th. UBS Group downgraded shares of Medtronic from a buy rating to a sell rating and dropped their price target for the stock from $127.00 to $79.00 in a research note on Wednesday, March 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Medtronic from $80.00 to $87.00 in a report on Wednesday, February 22nd. Finally, Sanford C. Bernstein decreased their price objective on shares of Medtronic from $100.00 to $99.00 in a report on Friday. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of Hold and an average target price of $90.53.

Medtronic Stock Down 2.5 %

Medtronic stock opened at $81.46 on Friday. The company has a market capitalization of $108.38 billion, a P/E ratio of 28.89, a P/E/G ratio of 2.06 and a beta of 0.71. The firm’s fifty day simple moving average is $84.84 and its 200-day simple moving average is $82.08. The company has a current ratio of 2.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.47. Medtronic has a 1-year low of $75.76 and a 1-year high of $100.61.

Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.01. Medtronic had a net margin of 12.03% and a return on equity of 13.54%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.25 billion. During the same period last year, the business posted $1.52 EPS. The business’s quarterly revenue was up 5.6% on a year-over-year basis. Sell-side analysts forecast that Medtronic will post 5.07 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 23rd will be given a dividend of $0.69 per share. The ex-dividend date is Thursday, June 22nd. This is an increase from Medtronic’s previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 3.39%. Medtronic’s dividend payout ratio (DPR) is currently 96.45%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MDT. Fairfield Bush & CO. acquired a new position in shares of Medtronic during the 1st quarter valued at $47,000. MAS Advisors LLC lifted its position in shares of Medtronic by 10.3% during the 1st quarter. MAS Advisors LLC now owns 2,388 shares of the medical technology company’s stock valued at $266,000 after acquiring an additional 223 shares during the period. LSV Asset Management lifted its position in shares of Medtronic by 34.5% during the 1st quarter. LSV Asset Management now owns 7,400 shares of the medical technology company’s stock valued at $821,000 after acquiring an additional 1,900 shares during the period. NewEdge Advisors LLC lifted its position in shares of Medtronic by 22.8% during the 1st quarter. NewEdge Advisors LLC now owns 74,914 shares of the medical technology company’s stock valued at $8,312,000 after acquiring an additional 13,895 shares during the period. Finally, Kinneret Advisory LLC increased its stake in Medtronic by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 15,340 shares of the medical technology company’s stock valued at $1,712,000 after purchasing an additional 343 shares in the last quarter. Institutional investors and hedge funds own 80.37% of the company’s stock.

Medtronic Company Profile

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.

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