Truist Financial Cuts Medtronic (NYSE:MDT) Price Target to $89.00

Medtronic (NYSE:MDT) had its price objective lowered by Truist Financial from $93.00 to $89.00 in a report released on Wednesday,Benzinga reports. The firm currently has a hold rating on the medical technology company’s stock.

MDT has been the subject of a number of other research reports. Evercore ISI lifted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Barclays lifted their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Robert W. Baird cut their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Sanford C. Bernstein increased their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Trading Up 1.3 %

NYSE MDT opened at $81.03 on Wednesday. The firm has a market capitalization of $103.90 billion, a PE ratio of 24.78, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The business’s 50-day moving average price is $86.90 and its two-hundred day moving average price is $84.96. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic has a 12 month low of $75.96 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the prior year, the business posted $1.25 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. On average, analysts expect that Medtronic will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.46%. Medtronic’s payout ratio is 85.63%.

Institutional Trading of Medtronic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC grew its holdings 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 worth $861,000 after buying an additional 111 shares in the last quarter. Guardian Wealth Management Inc. grew its stake in shares of Medtronic by 0.9% in the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after acquiring an additional 115 shares in the last quarter. First PREMIER Bank raised its holdings in shares of Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares during the last quarter. First City Capital Management Inc. raised its holdings in shares of Medtronic by 2.9% in 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 purchasing an additional 116 shares during the last quarter. Finally, Hardy Reed LLC lifted its position in shares of 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 purchasing an additional 116 shares in the last quarter. 82.06% of the stock is 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.