Medtronic (NYSE:MDT) Price Target Cut to $117.00

Medtronic (NYSE:MDTGet Rating) had its target price lowered by Citigroup from $120.00 to $117.00 in a research report released on Friday, The Fly reports. The firm currently has a buy rating on the medical technology company’s stock.

Other analysts have also recently issued reports about the stock. StockNews.com began coverage on shares of Medtronic in a report on Thursday, March 31st. They set a buy rating on the stock. Cowen set a $125.00 price objective on shares of Medtronic and gave the stock an outperform rating in a report on Monday, May 23rd. Needham & Company LLC cut shares of Medtronic from a buy rating to a hold rating in a report on Friday. Bank of America started coverage on shares of Medtronic in a report on Tuesday, March 1st. They issued a buy rating on the stock. Finally, Raymond James dropped their price objective on shares of Medtronic from $127.00 to $116.00 and set an outperform rating on the stock in a report on Friday, February 18th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $123.52.

Shares of NYSE:MDT opened at $99.08 on Friday. The stock has a market capitalization of $132.92 billion, a price-to-earnings ratio of 27.29, a price-to-earnings-growth ratio of 2.34 and a beta of 0.74. Medtronic has a 1-year low of $96.86 and a 1-year high of $135.89. The company’s fifty day moving average is $106.97 and its two-hundred day moving average is $107.03. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.10 and a current ratio of 2.61.

Medtronic (NYSE:MDTGet Rating) last issued its earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04). The business had revenue of $8.09 billion for the quarter, compared to analyst estimates of $8.43 billion. Medtronic had a return on equity of 14.57% and a net margin of 15.46%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the company posted $1.50 earnings per share. Sell-side analysts expect that Medtronic will post 5.66 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, June 24th will be given a dividend of $0.68 per share. This is a positive change from Medtronic’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, June 23rd. This represents a $2.72 annualized dividend and a dividend yield of 2.75%. Medtronic’s dividend payout ratio (DPR) is 69.42%.

In other news, CFO Karen L. Parkhill sold 682 shares of the firm’s stock in a transaction dated Friday, March 18th. The shares were sold at an average price of $110.00, for a total transaction of $75,020.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Carol A. Surface sold 6,000 shares of the firm’s stock in a transaction dated Friday, March 11th. The stock was sold at an average price of $105.30, for a total transaction of $631,800.00. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Medtronic by 6.5% in the first quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company’s stock worth $13,375,853,000 after buying an additional 7,403,778 shares during the period. BlackRock Inc. boosted its holdings in shares of Medtronic by 4.7% in the fourth quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company’s stock worth $11,162,603,000 after buying an additional 4,883,180 shares during the period. State Street Corp lifted its position in shares of Medtronic by 0.9% in the first quarter. State Street Corp now owns 58,504,184 shares of the medical technology company’s stock worth $6,527,226,000 after purchasing an additional 529,855 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Medtronic by 0.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 45,408,187 shares of the medical technology company’s stock worth $4,697,477,000 after purchasing an additional 217,800 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Medtronic by 4.9% in the fourth quarter. Lazard Asset Management LLC now owns 25,370,323 shares of the medical technology company’s stock worth $2,624,558,000 after purchasing an additional 1,196,593 shares in the last quarter. Institutional investors own 80.23% of the company’s stock.

Medtronic Company Profile (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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