Brokerages Set Medtronic PLC (NYSE:MDT) Target Price at $121.52

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Medtronic PLC (NYSE:MDT) has received a consensus rating of “Buy” from the twenty-four brokerages that are presently covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and eighteen have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $121.52.

MDT has been the topic of several analyst reports. Morgan Stanley increased their price target on shares of Medtronic from $116.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Argus raised their price target on shares of Medtronic to $135.00 and gave the company a “buy” rating in a report on Monday, November 25th. SunTrust Banks began coverage on shares of Medtronic in a research note on Tuesday, January 7th. They issued a “buy” rating and a $130.00 price objective for the company. Royal Bank of Canada upped their price objective on shares of Medtronic from $118.00 to $122.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Finally, Oppenheimer upped their price objective on shares of Medtronic from $118.00 to $123.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th.

Shares of NYSE MDT opened at $119.23 on Friday. The business has a 50 day simple moving average of $115.63 and a 200 day simple moving average of $108.96. Medtronic has a 52 week low of $82.77 and a 52 week high of $122.15. The stock has a market cap of $159.85 billion, a price-to-earnings ratio of 34.46, a PEG ratio of 2.90 and a beta of 0.60. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.28 and a current ratio of 2.77.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.03. The firm had revenue of $7.71 billion for the quarter, compared to analyst estimates of $7.66 billion. Medtronic had a net margin of 15.11% and a return on equity of 14.52%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 earnings per share. On average, analysts predict that Medtronic will post 5.6 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Friday, December 27th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Thursday, December 26th. Medtronic’s dividend payout ratio is currently 41.38%.

In related news, EVP Robert John White sold 52,166 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $110.62, for a total transaction of $5,770,602.92. Following the completion of the sale, the executive vice president now directly owns 77,510 shares of the company’s stock, valued at approximately $8,574,156.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael J. Coyle sold 2,102 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $109.77, for a total transaction of $230,736.54. Following the sale, the executive vice president now directly owns 189,162 shares of the company’s stock, valued at $20,764,312.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 106,433 shares of company stock valued at $11,704,539. 0.28% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of MDT. Private Ocean LLC boosted its holdings in shares of Medtronic by 188.5% during the 3rd quarter. Private Ocean LLC now owns 225 shares of the medical technology company’s stock worth $25,000 after buying an additional 147 shares during the period. River & Mercantile Asset Management LLP acquired a new stake in Medtronic in the 2nd quarter worth $26,000. Manchester Financial Inc. acquired a new stake in Medtronic in the 4th quarter worth $28,000. Lenox Wealth Advisors LLC increased its holdings in shares of Medtronic by 393.3% during the 3rd quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 236 shares during the period. Finally, Gables Capital Management Inc. increased its holdings in shares of Medtronic by 904.8% during the 3rd quarter. Gables Capital Management Inc. now owns 1,246 shares of the medical technology company’s stock worth $34,000 after purchasing an additional 1,122 shares during the period. 80.65% of the stock is owned by institutional investors and hedge funds.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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