Medtronic's (MDT) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Medtronic (NYSE:MDT - Free Report) in a research report report published on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $105.00 price objective on the medical technology company's stock.

Other research analysts have also issued reports about the company. Barclays boosted their target price on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. UBS Group upped their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research note on Friday, November 15th. Robert W. Baird upped their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Sanford C. Bernstein increased their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $95.20.

Medtronic Stock Performance

NYSE MDT traded up $2.01 on Wednesday, hitting $89.95. 11,762,886 shares of the stock were exchanged, compared to its average volume of 7,605,718. The company has a market capitalization of $115.34 billion, a PE ratio of 27.34, a P/E/G ratio of 2.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The business's fifty day moving average is $86.08 and its 200 day moving average is $87.10. Medtronic has a 52 week low of $75.96 and a 52 week high of $93.08.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Research analysts anticipate that Medtronic will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Friday, December 27th. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MDT. Norges Bank bought a new stake in shares of Medtronic during the 4th quarter valued at approximately $1,163,580,000. Raymond James Financial Inc. acquired a new stake in Medtronic in the fourth quarter valued at approximately $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company's stock worth $661,125,000 after buying an additional 5,975,110 shares during the last quarter. Beutel Goodman & Co Ltd. acquired a new position in shares of Medtronic during the fourth quarter worth $377,169,000. Finally, Van ECK Associates Corp lifted its stake in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company's stock valued at $207,540,000 after acquiring an additional 2,476,935 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

About Medtronic

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.