Truist Financial Has Lowered Expectations for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT - Free Report) had its target price lowered by Truist Financial from $93.00 to $89.00 in a report published on Wednesday,Benzinga reports. The firm currently has a hold rating on the medical technology company's stock.

A number of other equities research analysts have also recently weighed in on MDT. Royal Bank of Canada raised Medtronic from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Daiwa America raised Medtronic to a "strong-buy" rating in a research note on Friday, August 23rd. Robert W. Baird decreased their price target on Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a research note on Wednesday, November 20th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Evercore ISI increased their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an "outperform" rating in a research report on Tuesday, October 1st. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $95.00.

Medtronic Stock Down 1.6 %

NYSE:MDT traded down $1.34 on Wednesday, reaching $80.03. The stock had a trading volume of 7,046,923 shares, compared to its average volume of 6,250,411. The company has a 50-day moving average of $87.24 and a 200 day moving average of $85.00. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a market cap of $102.62 billion, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic has a 12-month low of $75.96 and a 12-month high of $92.68.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic's revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $1.25 earnings per share. On average, research analysts predict that Medtronic will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.50%. Medtronic's dividend payout ratio is currently 85.63%.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC bought a new position in Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the third quarter worth $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the third quarter worth $27,000. J. Stern & Co. LLP acquired a new position in shares of Medtronic in the 3rd quarter valued at $30,000. Finally, Chelsea Counsel Co. bought a new stake in shares of Medtronic in the 3rd quarter valued at $45,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.