Medtronic PLC (NYSE:MDT) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Medtronic PLC has received a consensus rating of "Moderate Buy" from 22 brokerages, with 11 holding, 9 buying, and 2 strongly buying the stock.
• The company recently announced a quarterly dividend increase to $0.71 per share, reflecting a yield of 3.1%, indicating strong performance for investors.
• Medtronic's stock opened at $92.94 and has a market capitalization of $119.13 billion, showcasing its significant presence in the medical technology sector.

Medtronic PLC (NYSE:MDT - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twenty-two ratings firms that are covering the firm, MarketBeat Ratings reports. Eleven analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $98.1875.

MDT has been the subject of several research reports. Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Royal Bank Of Canada dropped their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Finally, Robert W. Baird dropped their target price on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd.

Institutional Trading of Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. Vanguard Group Inc. lifted its stake in shares of Medtronic by 1.5% in the second quarter. Vanguard Group Inc. now owns 126,909,406 shares of the medical technology company's stock worth $11,062,693,000 after acquiring an additional 1,895,165 shares during the period. Capital Research Global Investors raised its position in shares of Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after purchasing an additional 571,700 shares during the period. Geode Capital Management LLC raised its position in shares of Medtronic by 1.1% during the second quarter. Geode Capital Management LLC now owns 28,227,006 shares of the medical technology company's stock worth $2,448,699,000 after purchasing an additional 310,684 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after buying an additional 1,461,841 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Medtronic by 2.9% during the second quarter. Bank of New York Mellon Corp now owns 21,275,850 shares of the medical technology company's stock worth $1,854,616,000 after buying an additional 595,549 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Down 0.7%

Shares of NYSE:MDT traded down $0.65 during mid-day trading on Monday, reaching $92.09. The stock had a trading volume of 5,203,733 shares, compared to its average volume of 7,643,828. The firm has a 50 day simple moving average of $88.83 and a two-hundred day simple moving average of $87.94. Medtronic has a twelve month low of $79.29 and a twelve month high of $96.25. The firm has a market cap of $118.04 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

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

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. This is an increase from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date was Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 78.45%.

Medtronic Company Profile

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.