Medtronic PLC (MDT) Receives “Buy” Rating from SunTrust Banks, Inc.
SunTrust Banks, Inc. restated their buy rating on shares of Medtronic PLC (NYSE:MDT) in a report issued on Monday. The firm currently has a $96.00 price target on the medical technology company’s stock.
Several other research firms have also recently commented on MDT. Deutsche Bank AG set a $96.00 price target on Medtronic PLC and gave the company a buy rating in a report on Monday, July 31st. BidaskClub lowered Medtronic PLC from a hold rating to a sell rating in a report on Saturday, August 26th. BMO Capital Markets reaffirmed an outperform rating and set a $92.00 price objective (down previously from $94.00) on shares of Medtronic PLC in a report on Wednesday, August 23rd. Zacks Investment Research upgraded Medtronic PLC from a sell rating to a hold rating in a research report on Wednesday, September 6th. Finally, Wells Fargo & Company reiterated an outperform rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $89.12.
Shares of Medtronic PLC (NYSE:MDT) opened at 78.05 on Monday. The stock has a market capitalization of $105.73 billion, a PE ratio of 26.27 and a beta of 1.01. The stock has a 50 day moving average price of $80.75 and a 200-day moving average price of $83.43. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share. On average, equities research analysts anticipate that Medtronic PLC will post $4.77 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be paid a $0.46 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.84 annualized dividend and a yield of 2.36%. Medtronic PLC’s payout ratio is currently 61.95%.
In other news, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in MDT. Waldron LP purchased a new stake in shares of Medtronic PLC during the 1st quarter valued at $512,000. Tyers Asset Management LLC increased its holdings in shares of Medtronic PLC by 38.1% during the 1st quarter. Tyers Asset Management LLC now owns 13,808 shares of the medical technology company’s stock worth $1,112,000 after buying an additional 3,808 shares during the last quarter. Nwam LLC increased its holdings in shares of Medtronic PLC by 37.3% during the 1st quarter. Nwam LLC now owns 4,079 shares of the medical technology company’s stock worth $329,000 after buying an additional 1,109 shares during the last quarter. Davis Rea LTD. acquired a new stake in shares of Medtronic PLC during the 1st quarter worth $1,488,000. Finally, Pillar Pacific Capital Management LLC increased its holdings in shares of Medtronic PLC by 5.6% during the 1st quarter. Pillar Pacific Capital Management LLC now owns 69,266 shares of the medical technology company’s stock worth $5,580,000 after buying an additional 3,650 shares during the last quarter. Hedge funds and other institutional investors own 80.63% of the company’s stock.
About Medtronic PLC
Medtronic Public Limited Company (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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