Oppenheimer Lowers Medtronic (NYSE:MDT) Price Target to $112.00

Medtronic (NYSE:MDT) had its price target trimmed by Oppenheimer from $131.00 to $112.00 in a report issued on Friday, BenzingaRatingsTable reports. The brokerage currently has an outperform rating on the medical technology company’s stock.

A number of other analysts also recently weighed in on the stock. SVB Leerink upped their price target on shares of Medtronic from $100.00 to $105.00 and gave the stock a market perform rating in a report on Tuesday, April 28th. Credit Suisse Group lowered their price objective on shares of Medtronic from $126.00 to $121.00 and set an outperform rating for the company in a research report on Friday, March 6th. Morgan Stanley lowered their price objective on shares of Medtronic from $112.00 to $106.00 and set an equal weight rating for the company in a research report on Friday. Piper Sandler lowered their price objective on shares of Medtronic from $135.00 to $120.00 and set an overweight rating for the company in a research report on Thursday. Finally, BTIG Research lowered 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $115.37.

Shares of Medtronic stock traded down $0.69 on Friday, reaching $94.72. 6,501,853 shares of the stock were exchanged, compared to its average volume of 5,176,174. The firm’s 50 day moving average is $96.70 and its 200-day moving average is $105.81. Medtronic has a one year low of $72.13 and a one year high of $122.15. 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 firm has a market cap of $127.87 billion, a PE ratio of 26.68, a P/E/G ratio of 2.57 and a beta of 0.69.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share 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 firm had revenue of $6 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same period last year, the company posted $1.54 EPS. The business’s revenue was down 26.4% on a year-over-year basis. On average, equities research analysts expect that Medtronic will post 4.82 EPS for the current fiscal year.

The company 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 is Thursday, June 25th. 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%. Medtronic’s dividend payout ratio is 47.06%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. FDx Advisors Inc. increased its position in shares of Medtronic by 8.1% during the first quarter. FDx Advisors Inc. now owns 52,034 shares of the medical technology company’s stock worth $4,692,000 after buying an additional 3,894 shares during the period. Equitable Trust Co. boosted its stake in Medtronic by 24.2% during the first quarter. Equitable Trust Co. now owns 336,486 shares of the medical technology company’s stock worth $30,344,000 after acquiring an additional 65,478 shares in the last quarter. Lowe Brockenbrough & Co. Inc. boosted its stake in Medtronic by 1.9% during the first quarter. Lowe Brockenbrough & Co. Inc. now owns 28,346 shares of the medical technology company’s stock worth $2,556,000 after acquiring an additional 521 shares in the last quarter. HighTower Advisors LLC boosted its stake in Medtronic by 14.6% during the first quarter. HighTower Advisors LLC now owns 272,743 shares of the medical technology company’s stock worth $24,619,000 after acquiring an additional 34,658 shares in the last quarter. Finally, Phoenix Holdings Ltd. bought a new position in Medtronic during the first quarter worth $1,764,000. Institutional investors own 81.74% of the company’s stock.

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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