Medtronic (NYSE:MDT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Medtronic (NYSE:MDT) from a hold rating to a buy rating in a research note issued to investors on Saturday.

A number of other brokerages also recently issued reports on MDT. Jefferies Financial Group reissued a “hold” rating and issued a $88.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Stifel Nicolaus set a $80.00 target price on Medtronic in a report on Wednesday, June 3rd. Mizuho lowered their target price on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. Weiss Ratings lowered Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $118.00 price target on shares of Medtronic in a report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and a consensus price target of $98.21.

Medtronic Trading Up 0.1%

MDT opened at $83.29 on Friday. Medtronic has a twelve month low of $73.31 and a twelve month high of $106.33. The company has a fifty day moving average of $79.68 and a 200-day moving average of $87.84. The stock has a market cap of $106.61 billion, a PE ratio of 22.33, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. Medtronic’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, sell-side analysts predict that Medtronic will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were issued a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.5%. This is an increase from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is presently 77.21%.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Medtronic

A number of institutional investors and hedge funds have recently bought and sold shares of MDT. Norges Bank purchased a new position in shares of Medtronic in the 4th quarter worth approximately $1,653,485,000. WCM Investment Management LLC purchased a new stake in shares of Medtronic during the first quarter valued at approximately $965,922,000. Capital Research Global Investors lifted its holdings in Medtronic by 12.6% during the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after acquiring an additional 3,880,174 shares during the period. Wellington Management Group LLP lifted its holdings in Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after acquiring an additional 2,658,981 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Medtronic by 2,297.7% during the fourth quarter. SG Americas Securities LLC now owns 2,510,712 shares of the medical technology company’s stock worth $241,179,000 after acquiring an additional 2,406,000 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).