Vetr Inc. Upgrades Medtronic PLC (MDT) to Strong-Buy
Medtronic PLC (NYSE:MDT) was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday. The brokerage currently has a $94.55 price objective on the medical technology company’s stock. Vetr‘s price target indicates a potential upside of 13.64% from the company’s current price.
Other equities research analysts have also issued research reports about the stock. Deutsche Bank AG reissued a “buy” rating and issued a $90.00 price target on shares of Medtronic PLC in a report on Wednesday, June 15th. SunTrust Banks Inc. lifted their target price on shares of Medtronic PLC from $93.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, June 13th. Jefferies Group reaffirmed a “buy” rating and set a $93.00 target price on shares of Medtronic PLC in a research note on Thursday, August 25th. Cowen and Company set a $94.00 target price on shares of Medtronic PLC and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Finally, Citigroup Inc. initiated coverage on shares of Medtronic PLC in a research note on Tuesday, August 23rd. They set a “buy” rating and a $102.00 target price on the stock. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Medtronic PLC has an average rating of “Buy” and an average price target of $90.43.
Shares of Medtronic PLC (NYSE:MDT) traded down 3.45% during midday trading on Tuesday, hitting $83.20. 9,865,199 shares of the stock traded hands. The company’s 50 day moving average price is $86.31 and its 200-day moving average price is $83.83. Medtronic PLC has a 12-month low of $71.03 and a 12-month high of $89.27. The stock has a market cap of $114.98 billion, a price-to-earnings ratio of 32.37 and a beta of 0.88.
Medtronic PLC (NYSE:MDT) last issued its quarterly earnings results on Thursday, August 25th. The medical technology company reported $1.03 EPS for the quarter, topping the consensus estimate of $1.01 by $0.02. The company earned $7.20 billion during the quarter, compared to analyst estimates of $7.17 billion. Medtronic PLC had a net margin of 12.70% and a return on equity of 12.06%. The firm’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 EPS. On average, equities research analysts expect that Medtronic PLC will post $4.66 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Thursday, September 29th will be paid a $0.43 dividend. The ex-dividend date is Tuesday, September 27th. This represents a $1.72 annualized dividend and a yield of 2.07%. Medtronic PLC’s dividend payout ratio is currently 66.93%.
In other Medtronic PLC news, EVP Gary Lee Ellis sold 35,495 shares of the stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $88.64, for a total value of $3,146,276.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Omar Ishrak sold 61,925 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the completion of the transaction, the chief executive officer now owns 565,916 shares in the company, valued at $48,063,245.88. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in MDT. Emerald Acquisition Ltd. bought a new position in shares of Medtronic PLC during the second quarter valued at approximately $363,065,000. Janus Capital Management LLC increased its stake in Medtronic PLC by 356.8% in the second quarter. Janus Capital Management LLC now owns 4,004,962 shares of the medical technology company’s stock valued at $347,508,000 after buying an additional 3,128,250 shares during the last quarter. Standard Life Investments LTD increased its stake in Medtronic PLC by 4,597.8% in the second quarter. Standard Life Investments LTD now owns 2,419,371 shares of the medical technology company’s stock valued at $209,954,000 after buying an additional 2,367,871 shares during the last quarter. Wellington Management Group LLP increased its stake in Medtronic PLC by 3.0% in the first quarter. Wellington Management Group LLP now owns 73,895,527 shares of the medical technology company’s stock valued at $5,542,166,000 after buying an additional 2,176,380 shares during the last quarter. Finally, Bank of Montreal Can purchased a new stake in Medtronic PLC during the second quarter valued at $168,956,000. Institutional investors own 83.11% of the company’s stock.
Medtronic PLC Company Profile
Medtronic plc (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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