Medtronic PLC (NYSE:MDT) Given Average Recommendation of "Moderate Buy" by Brokerages

Medtronic PLC (NYSE:MDT - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eighteen analysts that are presently covering the company, Marketbeat reports. Eight investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $97.87.

Several research firms recently issued reports on MDT. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Citigroup raised shares of Medtronic from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Finally, Mizuho dropped their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mainstream Capital Management LLC acquired a new position in Medtronic during the 4th quarter valued at about $26,000. Burkett Financial Services LLC raised its position in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after buying an additional 185 shares in the last quarter. 1248 Management LLC bought a new stake in shares of Medtronic during the 1st quarter worth about $26,000. Rakuten Securities Inc. raised its position in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares in the last quarter. Finally, Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the 4th quarter worth about $27,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT stock opened at $86.30 on Friday. The company's fifty day simple moving average is $84.49 and its 200-day simple moving average is $86.27. Medtronic has a 52 week low of $75.96 and a 52 week high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a market cap of $110.68 billion, a PE ratio of 23.84, a P/E/G ratio of 2.33 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter last year, the firm posted $1.46 EPS. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.29%. Medtronic's payout ratio is 77.35%.

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.

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