Medtronic (NYSE:MDT) Given New $100.00 Price Target at Wells Fargo & Company

Medtronic (NYSE:MDT) had its price objective lifted by Wells Fargo & Company from $98.00 to $100.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an overweight rating on the medical technology company’s stock.

MDT has been the subject of a number of other research reports. BTIG Research reissued a “neutral” rating on shares of Medtronic in a research note on Friday, July 11th. Sanford C. Bernstein lifted their target price on shares of Medtronic from $97.00 to $98.00 and gave the company an “outperform” rating in a research note on Wednesday. Morgan Stanley reissued an “overweight” rating and set a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Robert W. Baird lifted their target price on shares of Medtronic from $94.00 to $96.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Citigroup increased their price target on shares of Medtronic from $98.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and a consensus target price of $100.54.

Medtronic Trading Up 3.6%

Shares of NYSE:MDT opened at $93.1320 on Wednesday. The firm has a fifty day moving average of $89.57 and a two-hundred day moving average of $88.02. The firm has a market capitalization of $119.38 billion, a P/E ratio of 25.66, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. Medtronic has a 12-month low of $79.29 and a 12-month high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (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 14.56%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the business posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities analysts expect that Medtronic will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be paid a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. Medtronic’s dividend payout ratio (DPR) is presently 78.24%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Monarch Capital Management Inc. grew its stake in Medtronic by 0.7% in the 2nd quarter. Monarch Capital Management Inc. now owns 61,569 shares of the medical technology company’s stock valued at $5,400,000 after buying an additional 400 shares during the last quarter. North Dallas Bank & Trust Co. acquired a new position in Medtronic in the 2nd quarter valued at $559,000. B. Riley Wealth Advisors Inc. acquired a new position in Medtronic in the 2nd quarter valued at $1,030,000. Cape Investment Advisory Inc. grew its stake in Medtronic by 3.2% in the 2nd quarter. Cape Investment Advisory Inc. now owns 3,605 shares of the medical technology company’s stock valued at $314,000 after buying an additional 113 shares during the last quarter. Finally, Marex Group plc acquired a new position in Medtronic in the 2nd quarter valued at $317,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.