Truist Financial Lowers Medtronic (NYSE:MDT) Price Target to $89.00

Medtronic (NYSE:MDT) had its price objective 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.

Several other equities research analysts have also recently issued reports on MDT. Robert W. Baird reduced their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Barclays increased their price objective on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Stock Performance

NYSE:MDT opened at $80.03 on Wednesday. The stock has a 50-day moving average price of $87.24 and a 200 day moving average price 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. Medtronic has a 12-month low of $75.96 and a 12-month high of $92.68. The stock has a market capitalization of $102.62 billion, a P/E ratio of 24.47, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 earnings per share. Equities research analysts forecast that Medtronic will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.50%. Medtronic’s dividend payout ratio is 85.63%.

Institutional Investors Weigh In On Medtronic

A number of institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp grew its position in Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after acquiring an additional 520,027 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after purchasing an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Medtronic by 436.7% in the 3rd 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 period. Dimensional Fund Advisors LP lifted its holdings in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares in the last quarter. Finally, Raymond James & Associates boosted its position in Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after buying an additional 145,504 shares during the period. 82.06% of the stock is 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.