Wells Fargo & Company Raises Medtronic (NYSE:MDT) Price Target to $105.00

Medtronic (NYSE:MDT) had its price target hoisted by Wells Fargo & Company from $102.00 to $105.00 in a research report released on Friday, Benzinga reports. They currently have an overweight rating on the medical technology company’s stock.

MDT has been the topic of several other reports. Truist Financial lowered their target price on Medtronic from $90.00 to $88.00 and set a hold rating on the stock in a report on Friday. Needham & Company LLC reiterated a hold rating on shares of Medtronic in a report on Friday. Royal Bank of Canada reiterated a sector perform rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Mizuho upped their price objective on Medtronic from $95.00 to $98.00 and gave the company a buy rating in a report on Wednesday, February 21st. Finally, Oppenheimer upped their price objective on Medtronic from $89.00 to $92.00 and gave the company a market perform rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $94.00.

Medtronic Trading Up 1.1 %

MDT stock opened at $82.29 on Friday. The company has a current ratio of 2.03, a quick ratio of 1.71 and a debt-to-equity ratio of 0.47. Medtronic has a 12-month low of $68.84 and a 12-month high of $91.00. The stock has a market cap of $109.27 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 2.68 and a beta of 0.78. The business’s 50-day moving average is $82.81 and its 200 day moving average is $82.83.

Medtronic (NYSE:MDT) last issued its 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 business had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.57 EPS. On average, sell-side analysts anticipate that Medtronic will post 5.45 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.70 dividend. This is a positive change 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 dividend on an annualized basis and a yield of 3.40%. Medtronic’s payout ratio is presently 100.36%.

Insider Buying and Selling at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the company’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 sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Medtronic

A number of large investors have recently modified their holdings of MDT. Achmea Investment Management B.V. increased its position in shares of Medtronic by 4.9% during the third quarter. Achmea Investment Management B.V. now owns 82,113 shares of the medical technology company’s stock worth $6,434,000 after acquiring an additional 3,863 shares during the period. Avantax Planning Partners Inc. increased its position in shares of Medtronic by 3.1% during the third quarter. Avantax Planning Partners Inc. now owns 6,322 shares of the medical technology company’s stock worth $495,000 after acquiring an additional 193 shares during the period. Lincoln National Corp increased its position in shares of Medtronic by 11.4% during the third quarter. Lincoln National Corp now owns 11,450 shares of the medical technology company’s stock worth $897,000 after acquiring an additional 1,172 shares during the period. Wilbanks Smith & Thomas Asset Management LLC increased its position in shares of Medtronic by 7.2% during the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 6,709 shares of the medical technology company’s stock worth $526,000 after acquiring an additional 450 shares during the period. Finally, Wrapmanager Inc. increased its position in shares of Medtronic by 4.8% during the third quarter. Wrapmanager Inc. now owns 4,038 shares of the medical technology company’s stock worth $316,000 after acquiring an additional 186 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Company Profile

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.