UBS Group Issues Positive Forecast for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its target price hoisted by UBS Group from $85.00 to $95.00 in a research note issued to investors on Wednesday morning,Benzinga reports. UBS Group currently has a neutral rating on the medical technology company’s stock.

Several other equities research analysts have also issued reports on MDT. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird lifted their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday. Wells Fargo & Company decreased their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Wednesday. One investment 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.20.

Medtronic Price Performance

MDT stock opened at $87.05 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic has a 12 month low of $75.96 and a 12 month high of $93.08. The firm has a market cap of $111.62 billion, a P/E ratio of 26.62, a P/E/G ratio of 2.63 and a beta of 0.84. The company’s 50-day moving average price is $85.82 and its two-hundred day moving average price is $87.02.

Medtronic (NYSE:MDT) last announced its quarterly 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. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. On average, analysts anticipate that Medtronic will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.22%. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Copley Financial Group Inc. acquired a new position in shares of Medtronic during the 3rd quarter valued at $694,000. Olstein Capital Management L.P. lifted its position in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after acquiring an additional 14,000 shares during the period. Franklin Street Advisors Inc. NC lifted its position in shares of Medtronic by 32.6% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock valued at $5,873,000 after acquiring an additional 18,057 shares during the period. Y Intercept Hong Kong Ltd lifted its position in shares of Medtronic by 322.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock valued at $6,626,000 after acquiring an additional 56,178 shares during the period. Finally, Czech National Bank lifted its position in shares of Medtronic by 6.4% during the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock valued at $22,212,000 after acquiring an additional 16,786 shares during the period. 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.