Medtronic’s (MDT) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Medtronic (NYSE:MDT) in a research report report published on Wednesday morning,Benzinga reports. They currently have a $105.00 target price on the medical technology company’s stock.

MDT has been the topic of several other reports. Robert W. Baird upped their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday. Truist Financial cut their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Finally, Wells Fargo & Company dropped their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $95.20.

Medtronic Stock Performance

Medtronic stock opened at $87.05 on Wednesday. The company’s 50-day moving average price is $85.82 and its 200-day moving average price is $87.02. Medtronic has a twelve month low of $75.96 and a twelve month high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market cap of $111.62 billion, a PE ratio of 26.62, a price-to-earnings-growth ratio of 2.63 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. On average, equities research analysts forecast that Medtronic will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.22%. Medtronic’s payout ratio is presently 85.63%.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Clear Harbor Asset Management LLC lifted its position in Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after acquiring an additional 111 shares during the last quarter. Guardian Wealth Management Inc. lifted its position in Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after acquiring an additional 115 shares during the last quarter. MONECO Advisors LLC lifted its position in Medtronic by 1.8% during the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after acquiring an additional 115 shares during the last quarter. First City Capital Management Inc. lifted its position in Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after acquiring an additional 116 shares during the last quarter. Finally, Hardy Reed LLC lifted its position in Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after acquiring an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Company Profile

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.