Medtronic (NYSE:MDT) Price Target Raised to $100.00 at Mizuho

Medtronic (NYSE:MDT) had its price objective raised by Mizuho from $98.00 to $100.00 in a research note published on Wednesday,Benzinga reports. Mizuho currently has an outperform rating on the medical technology company’s stock.

Several other analysts have also issued reports on the stock. Citigroup lifted their target price on shares of Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Evercore ISI raised their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Finally, Wolfe Research raised shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research note on Monday, June 30th. Eleven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and a consensus target price of $98.19.

Medtronic Price Performance

MDT stock opened at $89.63 on Wednesday. The firm has a 50 day moving average price of $86.41 and a 200-day moving average price of $87.13. Medtronic has a 52-week low of $78.32 and a 52-week high of $96.25. The firm has a market capitalization of $114.95 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 2.33 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the business earned $1.46 EPS. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts forecast that Medtronic will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were paid a $0.71 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.17%. Medtronic’s payout ratio is presently 78.45%.

Institutional Trading of Medtronic

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Medtronic by 0.7% in the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company’s stock valued at $11,233,780,000 after buying an additional 810,854 shares during the period. Capital Research Global Investors grew its position in Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after buying an additional 571,700 shares during the last quarter. Geode Capital Management LLC grew its position in Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after buying an additional 574,055 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Medtronic by 7.0% in the first 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 buying an additional 1,461,841 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company’s stock worth $1,858,332,000 after buying an additional 756,192 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

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.