Evercore ISI assumed coverage on shares of Medtronic (NYSE:MDT) in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $92.50 target price on the medical technology company’s stock.
Several other brokerages have also issued reports on MDT. Needham & Company LLC reaffirmed a buy rating and set a $94.00 target price on shares of Medtronic in a research report on Thursday, November 9th. Zacks Investment Research lowered Medtronic from a hold rating to a sell rating in a research report on Tuesday, September 12th. SunTrust Banks set a $92.00 target price on Medtronic and gave the company a buy rating in a research report on Sunday, November 19th. Royal Bank of Canada decreased their target price on Medtronic from $90.00 to $85.00 and set an outperform rating for the company in a research report on Monday, October 9th. Finally, BMO Capital Markets reaffirmed an outperform rating and set a $89.00 target price (down from $92.00) on shares of Medtronic in a research report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Medtronic currently has an average rating of Buy and an average target price of $89.65.
Shares of Medtronic (NYSE:MDT) traded up $1.42 during trading on Wednesday, hitting $85.54. The stock had a trading volume of 7,287,390 shares, compared to its average volume of 4,990,000. Medtronic has a 1 year low of $71.11 and a 1 year high of $89.72. The stock has a market cap of $115,780.00, a price-to-earnings ratio of 23.50, a PEG ratio of 2.35 and a beta of 0.99. The company has a current ratio of 2.40, a quick ratio of 2.05 and a debt-to-equity ratio of 0.50.
Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.08. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The firm had revenue of $7.05 billion during the quarter, compared to analyst estimates of $7.05 billion. During the same period last year, the firm posted $1.12 EPS. The business’s revenue was down 4.0% compared to the same quarter last year. equities analysts forecast that Medtronic will post 4.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.46 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.84 annualized dividend and a dividend yield of 2.15%. Medtronic’s payout ratio is 50.55%.
In other news, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $82.82, for a total transaction of $1,325,120.00. Following the completion of the transaction, the executive vice president now owns 88,818 shares in the company, valued at approximately $7,355,906.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 48,000 shares of company stock valued at $3,837,920 in the last quarter. 0.31% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MDT. Amalgamated Bank boosted its stake in Medtronic by 6.2% in the 1st quarter. Amalgamated Bank now owns 98,177 shares of the medical technology company’s stock worth $7,909,000 after purchasing an additional 5,700 shares during the period. Capital Investment Counsel Inc purchased a new stake in shares of Medtronic in the 1st quarter valued at about $203,000. Endurant Capital Management LP purchased a new stake in shares of Medtronic in the 1st quarter valued at about $2,006,000. Edgestream Partners L.P. purchased a new stake in shares of Medtronic in the 1st quarter valued at about $576,000. Finally, Colonial Trust Advisors raised its holdings in shares of Medtronic by 131.8% in the 1st quarter. Colonial Trust Advisors now owns 20,279 shares of the medical technology company’s stock valued at $1,683,000 after acquiring an additional 11,531 shares in the last quarter. Institutional investors and hedge funds own 81.72% of the company’s stock.
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Medtronic Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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