Medtronic (NYSE:MDT) Price Target Increased to $76.00 by Analysts at UBS Group

Medtronic (NYSE:MDT) had its price objective upped by UBS Group from $75.00 to $76.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a sell rating on the medical technology company’s stock.

Several other equities analysts have also recently weighed in on MDT. Mizuho raised their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Oppenheimer raised their price target on shares of Medtronic from $89.00 to $92.00 and gave the stock a market perform rating in a research note on Wednesday, February 21st. Needham & Company LLC reissued a hold rating on shares of Medtronic in a research note on Friday. Royal Bank of Canada reissued a sector perform rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Finally, Truist Financial decreased their target price on shares of Medtronic from $90.00 to $88.00 and set a hold rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Medtronic has an average rating of Hold and an average price target of $94.00.

Medtronic Price Performance

Shares of MDT opened at $82.29 on Friday. The stock has a market capitalization of $109.27 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.68 and a beta of 0.78. Medtronic has a twelve month low of $68.84 and a twelve month high of $91.00. The company has a 50 day moving average of $82.81 and a 200-day moving average of $82.83. The company has a quick ratio of 1.71, a current ratio of 2.03 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the business earned $1.57 EPS. As a group, equities research analysts forecast that Medtronic will post 5.45 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.40%. Medtronic’s dividend payout ratio (DPR) is currently 100.36%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cetera Advisor Networks LLC lifted its holdings in shares of Medtronic by 4.5% during the first quarter. Cetera Advisor Networks LLC now owns 252,106 shares of the medical technology company’s stock worth $21,971,000 after buying an additional 10,890 shares in the last quarter. Cetera Advisors LLC lifted its holdings in shares of Medtronic by 63.3% during the first quarter. Cetera Advisors LLC now owns 83,977 shares of the medical technology company’s stock worth $7,319,000 after buying an additional 32,564 shares in the last quarter. Community Trust & Investment Co. lifted its holdings in shares of Medtronic by 16.2% during the first quarter. Community Trust & Investment Co. now owns 38,418 shares of the medical technology company’s stock worth $3,348,000 after buying an additional 5,342 shares in the last quarter. First City Capital Management Inc. lifted its holdings in shares of Medtronic by 11.2% during the first quarter. First City Capital Management Inc. now owns 4,979 shares of the medical technology company’s stock worth $434,000 after buying an additional 500 shares in the last quarter. Finally, Swedbank AB acquired a new stake in shares of Medtronic during the first quarter worth $49,313,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.