Medtronic (NYSE:MDT) Price Target Cut to $118.00 by Analysts at UBS Group

Medtronic (NYSE:MDT) had its price objective lowered by UBS Group from $130.00 to $118.00 in a research report released on Friday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the medical technology company’s stock.

MDT has been the topic of a number of other research reports. Sanford C. Bernstein restated a hold rating and set a $112.00 price target on shares of Medtronic in a research note on Thursday, April 23rd. Morgan Stanley dropped their price target on Medtronic from $112.00 to $106.00 and set an equal weight rating on the stock in a research note on Friday. Deutsche Bank dropped their price target on Medtronic from $123.00 to $118.00 and set a buy rating on the stock in a research note on Friday. Credit Suisse Group dropped their price target on Medtronic from $126.00 to $121.00 and set an outperform rating on the stock in a research note on Friday, March 6th. Finally, Goldman Sachs Group assumed coverage on Medtronic in a research note on Wednesday, February 12th. They set a sell rating and a $118.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. Medtronic presently has a consensus rating of Buy and an average price target of $115.37.

Shares of MDT traded down $0.69 during mid-day trading on Friday, reaching $94.72. The company’s stock had a trading volume of 6,501,853 shares, compared to its average volume of 5,176,174. Medtronic has a 12-month low of $72.13 and a 12-month high of $122.15. The stock has a market cap 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 current ratio of 2.13 and a quick ratio of 2.28. The company’s 50 day moving average is $96.70 and its 200 day moving average is $105.81.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 21st. The medical technology company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.70). Medtronic had a net margin of 16.56% and a return on equity of 12.17%. The business had revenue of $6 billion during the quarter, compared to analysts’ expectations of $6.10 billion. During the same quarter in the previous year, the company posted $1.54 EPS. The company’s revenue was down 26.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic will post 4.82 EPS for the current fiscal year.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. S.E.E.D. Planning Group LLC purchased a new position in Medtronic in the 4th quarter valued at approximately $390,000. Global Retirement Partners LLC increased its stake in Medtronic by 1.7% in the 4th quarter. Global Retirement Partners LLC now owns 8,418 shares of the medical technology company’s stock valued at $955,000 after purchasing an additional 138 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new position in Medtronic in the 4th quarter valued at approximately $704,000. First Midwest Bank Trust Division increased its stake in Medtronic by 10.5% in the 4th quarter. First Midwest Bank Trust Division now owns 9,088 shares of the medical technology company’s stock valued at $1,031,000 after purchasing an additional 865 shares in the last quarter. Finally, Stokes Capital Advisors LLC increased its stake in Medtronic by 0.5% in the 4th quarter. Stokes Capital Advisors LLC now owns 28,125 shares of the medical technology company’s stock valued at $3,191,000 after purchasing an additional 136 shares in the last quarter. 81.74% of the stock is owned by hedge funds and other institutional investors.

Medtronic Company Profile

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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