Citigroup Increases Medtronic (NYSE:MDT) Price Target to $92.00

Medtronic (NYSE:MDT) had its target price increased by Citigroup from $85.00 to $92.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the medical technology company’s stock.

MDT has been the topic of several other reports. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a neutral rating in a report on Wednesday, August 21st. Oppenheimer increased their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a market perform rating in a report on Wednesday, August 21st. Wells Fargo & Company increased their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an overweight rating in a report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a strong-buy rating in a report on Friday, August 23rd. Finally, Royal Bank of Canada restated a sector perform rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $94.21.

Medtronic Price Performance

NYSE:MDT opened at $87.77 on Tuesday. The firm has a market cap of $112.54 billion, a price-to-earnings ratio of 31.92, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average is $86.58 and its two-hundred day moving average is $83.26. Medtronic has a 12-month low of $68.84 and a 12-month high of $91.49.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 EPS. Research analysts expect that Medtronic will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Institutional Trading of Medtronic

A number of hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors grew its position in shares of Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC grew its position in shares of Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after buying an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after buying an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD grew its position in shares of Medtronic by 2.3% during the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after buying an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates grew its position in shares of Medtronic by 5.7% during the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock worth $491,651,000 after buying an additional 336,618 shares in the last quarter. 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.