Medtronic (NYSE:MDT) Price Target Increased to $90.00 by Analysts at Piper Sandler

Medtronic (NYSE:MDT - Free Report) had its price objective upped by Piper Sandler from $85.00 to $90.00 in a research report released on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the medical technology company's stock.

A number of other research firms have also issued reports on MDT. Royal Bank of Canada restated a sector perform rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday. Needham & Company LLC restated a hold rating on shares of Medtronic in a research report on Tuesday. Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the company an overweight rating in a report on Wednesday. Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a market perform rating in a research report on Wednesday. Finally, Truist Financial cut their target price on shares of Medtronic from $88.00 to $85.00 and set a hold rating for the company in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $91.50.

Medtronic Trading Up 2.5 %

Shares of NYSE MDT traded up $2.13 during mid-day trading on Wednesday, hitting $87.51. 10,608,284 shares of the company traded hands, compared to its average volume of 6,302,077. The business has a 50 day moving average of $80.21 and a two-hundred day moving average of $82.30. The stock has a market capitalization of $112.21 billion, a price-to-earnings ratio of 31.82, a PEG ratio of 2.35 and a beta of 0.82. Medtronic has a 1 year low of $68.84 and a 1 year high of $89.18. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.20%. Medtronic's dividend payout ratio is currently 101.82%.

Insider Buying and Selling at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares of the company's stock, valued at $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

Institutional Trading of Medtronic

Large investors have recently bought and sold shares of the stock. Equity Investment Corp raised its stake in shares of Medtronic by 27.9% in the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company's stock valued at $110,478,000 after acquiring an additional 292,459 shares during the last quarter. Loudon Investment Management LLC increased its stake in shares of Medtronic by 9.5% in the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company's stock valued at $786,000 after buying an additional 874 shares in the last quarter. Chemung Canal Trust Co. raised its holdings in shares of Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company's stock valued at $4,175,000 after buying an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Medtronic during the 2nd quarter worth about $25,643,000. Finally, Apollon Wealth Management LLC increased its position in Medtronic by 43.0% in the 4th quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company's stock valued at $4,185,000 after acquiring an additional 15,265 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Company Profile

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.