Medtronic (NYSE:MDT) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of Medtronic (NYSE:MDT) from a buy rating to a hold rating in a report published on Friday.

MDT has been the topic of several other research reports. Mizuho lifted their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Thursday, August 14th. BTIG Research reiterated a “neutral” rating on shares of Medtronic in a report on Friday, July 11th. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a report on Monday, June 30th. Finally, Truist Financial lifted their price target on shares of Medtronic from $92.00 to $96.00 and gave the company a “hold” rating in a report on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $102.27.

Medtronic Trading Up 2.3%

NYSE:MDT opened at $97.63 on Friday. The company has a fifty day moving average of $92.94 and a 200 day moving average of $88.50. Medtronic has a 52 week low of $79.29 and a 52 week high of $97.94. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $125.23 billion, a P/E ratio of 26.90, a P/E/G ratio of 2.51 and a beta of 0.78.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. The company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The firm’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, research analysts predict that Medtronic will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, September 26th. Medtronic’s payout ratio is 78.24%.

Insiders Place Their Bets

In related news, Director William R. Jellison purchased 2,500 shares of the stock in a transaction dated Monday, August 25th. The stock was purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the transaction, the executive vice president directly owned 35,615 shares of the company’s stock, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Medtronic by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 126,909,406 shares of the medical technology company’s stock worth $11,062,693,000 after purchasing an additional 1,895,165 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Medtronic by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 28,227,006 shares of the medical technology company’s stock worth $2,448,699,000 after purchasing an additional 310,684 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Medtronic by 7.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company’s stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Medtronic by 2.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 21,275,850 shares of the medical technology company’s stock worth $1,854,616,000 after purchasing an additional 595,549 shares during the last quarter. Finally, Deutsche Bank AG raised its position in shares of Medtronic by 3.1% in the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company’s stock worth $1,708,220,000 after purchasing an additional 566,155 shares during the last quarter. Hedge funds and other institutional investors 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.