Citigroup Raises Medtronic (NYSE:MDT) Price Target to $99.00

Medtronic (NYSE:MDT - Free Report) had its target price upped by Citigroup from $98.00 to $99.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the medical technology company's stock.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Mizuho reduced their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Finally, Leerink Partners assumed coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.47.

Medtronic Stock Up 1.2%

NYSE:MDT traded up $1.04 during trading hours on Wednesday, reaching $90.04. The company's stock had a trading volume of 472,417 shares, compared to its average volume of 6,968,038. The company has a market capitalization of $115.48 billion, a P/E ratio of 24.86, a price-to-earnings-growth ratio of 2.39 and a beta of 0.80. Medtronic has a 12 month low of $76.33 and a 12 month high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The stock has a 50 day moving average price of $85.54 and a two-hundred day moving average price of $86.71.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.15%. Medtronic's payout ratio is 78.45%.

Institutional Investors Weigh In On Medtronic

A number of large investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Medtronic during the 4th quarter worth about $1,163,580,000. Beutel Goodman & Co Ltd. acquired a new stake in Medtronic during the 4th quarter worth about $377,169,000. Boston Partners grew its position in Medtronic by 122.8% during the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after purchasing an additional 3,809,450 shares during the period. Ameriprise Financial Inc. grew its position in Medtronic by 28.8% during the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in Medtronic by 42.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock worth $903,915,000 after purchasing an additional 3,017,849 shares during the period. 82.06% of the stock is owned by hedge funds and other 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.