Medtronic (NYSE:MDT) Given New $107.00 Price Target at Raymond James

Medtronic (NYSE:MDT) had its price target decreased by Raymond James from $110.00 to $107.00 in a research report released on Friday, AnalystRatings.com reports. Raymond James currently has an outperform rating on the medical technology company’s stock.

A number of other analysts have also issued reports on MDT. Credit Suisse Group dropped their target price on Medtronic from $126.00 to $121.00 and set an outperform rating on the stock in a research report on Friday, March 6th. DZ Bank lowered Medtronic from a buy rating to a hold rating and set a $92.00 target price on the stock. in a research report on Thursday, May 14th. Wells Fargo & Co lowered their price objective on Medtronic from $130.00 to $108.00 and set an overweight rating for the company in a report on Wednesday, April 22nd. BTIG Research lowered their price objective on Medtronic from $124.00 to $102.00 and set a buy rating for the company in a report on Monday, March 30th. Finally, Piper Sandler lowered their price objective on Medtronic from $135.00 to $120.00 and set an overweight rating for the company in a report on Thursday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $115.37.

Shares of NYSE MDT traded down $0.69 during midday trading on Friday, reaching $94.72. 6,501,853 shares of the company’s stock were exchanged, compared to its average volume of 5,176,174. Medtronic has a 52-week low of $72.13 and a 52-week high of $122.15. The stock has a market capitalization of $127.87 billion, a PE ratio of 26.68, a price-to-earnings-growth ratio of 2.57 and a beta of 0.69. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.28 and a current ratio of 2.13. The business’s fifty day moving average price is $96.70 and its two-hundred day moving average price is $105.81.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.70). Medtronic had a return on equity of 12.17% and a net margin of 16.56%. The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $6.10 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. The firm’s revenue was down 26.4% compared to the same quarter last year. Analysts predict that Medtronic will post 4.82 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Thursday, June 25th. This is an increase from Medtronic’s previous quarterly dividend of $0.54. This represents a $2.32 annualized dividend and a dividend yield of 2.45%. Medtronic’s payout ratio is currently 47.06%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Balentine LLC acquired a new position in shares of Medtronic during the first quarter worth approximately $33,000. Stonebridge Financial Planning Group LLC acquired a new position in shares of Medtronic during the fourth quarter worth approximately $34,000. Reilly Financial Advisors LLC lifted its position in Medtronic by 79.4% in the first quarter. Reilly Financial Advisors LLC now owns 375 shares of the medical technology company’s stock worth $34,000 after purchasing an additional 166 shares during the period. Lion Street Advisors LLC acquired a new stake in Medtronic in the first quarter worth approximately $36,000. Finally, CLS Investments LLC lifted its position in Medtronic by 44.2% in the fourth quarter. CLS Investments LLC now owns 346 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 106 shares during the period. Institutional investors and hedge funds own 81.74% of the company’s stock.

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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Analyst Recommendations for Medtronic (NYSE:MDT)

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