Brokerages Set Medtronic PLC (NYSE:MDT) Target Price at $97.87

Shares of Medtronic PLC (NYSE:MDT) have been assigned an average rating of “Moderate Buy” from the eighteen analysts that are presently covering the company, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $97.87.

A number of equities research analysts recently issued reports on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Leerink Partnrs upgraded Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Robert W. Baird dropped their price target on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, May 22nd. Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They issued an “outperform” rating and a $110.00 price objective on the stock. Finally, Royal Bank Of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd.

Medtronic Price Performance

NYSE:MDT opened at $86.12 on Friday. The company has a fifty day moving average price of $84.60 and a 200 day moving average price of $86.29. Medtronic has a one year low of $75.96 and a one year high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The stock has a market cap of $110.45 billion, a P/E ratio of 23.79, a PEG ratio of 2.32 and a beta of 0.79.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter last year, the firm earned $1.46 EPS. Medtronic’s revenue for the quarter was up 3.9% compared to the same quarter last year. Analysts anticipate that Medtronic will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.30%. Medtronic’s payout ratio is currently 77.35%.

Hedge Funds Weigh In On Medtronic

Several large investors have recently bought and sold shares of the business. 1248 Management LLC bought a new position in shares of Medtronic in the 1st quarter worth $26,000. Burkett Financial Services LLC boosted its holdings in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after buying an additional 185 shares during the last quarter. Columbia River Financial Group LLC acquired a new position in shares of Medtronic during the 1st quarter worth about $28,000. Twin Tree Management LP bought a new stake in shares of Medtronic in the 1st quarter valued at about $29,000. Finally, Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $26,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.