Medtronic (NYSE:MDT) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of Medtronic (NYSE:MDT - Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday.

A number of other equities research analysts have also issued reports on the company. Royal Bank of Canada reduced their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Robert W. Baird cut their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Truist Financial cut their target price on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $96.07.

Medtronic Price Performance

Shares of MDT stock traded up $0.46 on Friday, reaching $81.14. The company's stock had a trading volume of 8,294,280 shares, compared to its average volume of 6,817,710. The company has a market capitalization of $104.07 billion, a price-to-earnings ratio of 24.66, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The stock's fifty day simple moving average is $84.84 and its 200-day simple moving average is $86.35. Medtronic has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.46 EPS. Analysts forecast that Medtronic will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced 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 of this dividend is Friday, June 27th. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.50%. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Institutional Trading of Medtronic

Hedge funds have recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC acquired a new position in shares of Medtronic during the fourth quarter worth $26,000. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the period. 1248 Management LLC acquired a new position in shares of Medtronic during the first quarter worth $26,000. Stephens Consulting LLC lifted its holdings in shares of Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock worth $27,000 after purchasing an additional 204 shares during the period. Finally, Rakuten Securities Inc. raised its stake in Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

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.