Morgan Stanley Trims Medtronic (NYSE:MDT) Target Price to $106.00

Medtronic (NYSE:MDT) had its target price lowered by Morgan Stanley from $112.00 to $106.00 in a research report report published on Friday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the medical technology company’s stock.

A number of other equities analysts have also weighed in on MDT. Citigroup cut their target price on shares of Medtronic from $124.00 to $105.00 and set a buy rating for the company in a research report on Friday, March 27th. BTIG Research cut their price objective on shares of Medtronic from $124.00 to $102.00 and set a buy rating for the company in a research report on Monday, March 30th. Oppenheimer started coverage on shares of Medtronic in a research report on Thursday. They issued a buy rating and a $131.00 price objective for the company. SVB Leerink raised their price objective on shares of Medtronic from $100.00 to $105.00 and gave the company a market perform rating in a research report on Tuesday, April 28th. Finally, Sanford C. Bernstein restated a hold rating and issued a $112.00 price objective on shares of Medtronic in a research report on Thursday, April 23rd. Two 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 issued a strong buy rating to the stock. Medtronic has an average rating of Buy and a consensus target price of $115.37.

NYSE:MDT traded down $0.69 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. 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 firm has a market cap of $127.87 billion, a price-to-earnings ratio of 26.68, a P/E/G ratio of 2.57 and a beta of 0.69. Medtronic has a 52 week low of $72.13 and a 52 week high of $122.15. The stock has a fifty day simple moving average of $96.70 and a 200-day simple moving average of $105.81.

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

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.58 per share. The ex-dividend date 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 dividend payout ratio (DPR) is 47.06%.

Several hedge funds have recently bought and sold shares of MDT. Norges Bank purchased a new position in shares of Medtronic during the fourth quarter worth approximately $1,648,853,000. Investec Asset Management LTD purchased a new position in shares of Medtronic during the fourth quarter worth approximately $494,986,000. Amundi Pioneer Asset Management Inc. raised its stake in shares of Medtronic by 23.2% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 8,968,638 shares of the medical technology company’s stock worth $1,017,493,000 after acquiring an additional 1,690,287 shares in the last quarter. M&G Investment Management Ltd. purchased a new position in shares of Medtronic during the fourth quarter worth approximately $167,466,000. Finally, Geode Capital Management LLC increased its stake in shares of Medtronic by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 19,687,292 shares of the medical technology company’s stock worth $2,229,034,000 after buying an additional 1,225,925 shares during the period. 81.74% of the stock is currently owned by hedge funds and other institutional investors.

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.

Featured Article: How to Invest in the Dividend Aristocrat Index

Analyst Recommendations for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.