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Medtronic (nyse:mdt) Hits New 12-month High Following Analyst Upgrade

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Medtronic plc (NYSE:MDT – Get Free Report)’s share price hit a new 52-week high during trading on Thursday after Barclays raised their price target on the stock from $104.00 to $105.00. Barclays currently has an overweight rating on the stock. Medtronic traded as high as $89.24 and last traded at $87.78, with a volume of 4112846 shares trading hands. The stock had previously closed at $87.54.

Several other research analysts have also issued reports on MDT. Citigroup cut their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Robert W. Baird increased their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday. Oppenheimer increased their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, The Goldman Sachs Group assumed coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $92.54.

Get Our Latest Analysis on MDT

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Medtronic

A number of institutional investors and hedge funds have recently modified their holdings of MDT. International Assets Investment Management LLC increased its position in shares of Medtronic by 2.5% during the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after acquiring an additional 302 shares during the last quarter. RWA Wealth Partners LLC increased its position in Medtronic by 85.0% in the fourth quarter. RWA Wealth Partners LLC now owns 11,261 shares of the medical technology company’s stock worth $928,000 after buying an additional 5,174 shares during the last quarter. Bfsg LLC purchased a new stake in Medtronic in the fourth quarter worth $68,000. Wynn Capital LLC purchased a new stake in Medtronic in the fourth quarter worth $202,000. Finally, Atria Wealth Solutions Inc. increased its position in Medtronic by 5.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 87,349 shares of the medical technology company’s stock worth $7,238,000 after buying an additional 4,672 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.4 %

The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The stock has a 50-day simple moving average of $80.33 and a 200-day simple moving average of $82.34. The firm has a market capitalization of $112.66 billion, a PE ratio of 31.95, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT – Get Free Report) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the business posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

About Medtronic

(Get Free Report)

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.

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