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Medtronic PLC (MDT) Given Consensus Recommendation of “Buy” by Analysts

Medtronic PLC (NYSE:MDT) has been given an average rating of “Buy” by the twenty-five research firms that are covering the stock, MarketBeat reports. Nine equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $104.05.

A number of brokerages recently issued reports on MDT. Morgan Stanley increased their target price on Medtronic from $98.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 2nd. Zacks Investment Research upgraded Medtronic from a “hold” rating to a “buy” rating and set a $105.00 target price on the stock in a report on Tuesday, October 23rd. JPMorgan Chase & Co. upgraded Medtronic from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $100.00 to $109.00 in a report on Wednesday, December 19th. Needham & Company LLC reiterated a “strong-buy” rating and issued a $117.00 target price (down from $120.00) on shares of Medtronic in a report on Monday, February 4th. Finally, Raymond James cut their target price on Medtronic from $105.00 to $104.00 and set an “outperform” rating on the stock in a report on Wednesday, November 21st.

Get Medtronic alerts: In related news, CFO Karen L. Parkhill acquired 3,000 shares of the company’s stock in a transaction on Wednesday, January 9th. The shares were acquired at an average cost of $83.87 per share, for a total transaction of $251,610.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link . Also, CEO Omar Ishrak acquired 12,000 shares of the company’s stock in a transaction on Wednesday, January 9th. The shares were bought at an average price of $84.05 per share, for a total transaction of $1,008,600.00. The disclosure for this purchase can be found here . 0.28% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Bank of New York Mellon Corp raised its stake in shares of Medtronic by 89,912.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 17,012,355 shares of the medical technology company’s stock worth $1,673,505,000 after purchasing an additional 16,993,455 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of Medtronic by 8,884.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 13,286,072 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 13,138,192 shares during the period. Nordea Investment Management AB bought a new stake in shares of Medtronic during the 3rd quarter worth $738,453,000. Pendal Group Ltd raised its stake in shares of Medtronic by 28,068.1% during the 3rd quarter. Pendal Group Ltd now owns 3,177,643 shares of the medical technology company’s stock worth $312,585,000 after purchasing an additional 3,166,362 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Medtronic in the 3rd quarter worth about $171,182,000. Institutional investors own 81.62% of the company’s stock.

Shares of MDT traded up $1.04 during trading hours on Friday, reaching $92.27. The stock had a trading volume of 5,620,748 shares, compared to its average volume of 6,145,236. Medtronic has a 12 month low of $76.41 and a 12 month high of $100.15. The company has a quick ratio of 2.11, a current ratio of 2.56 and a debt-to-equity ratio of 0.48. The stock has a market cap of $123.92 billion, a P/E ratio of 19.34, a P/E/G ratio of 2.41 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. Medtronic had a return on equity of 13.51% and a net margin of 7.44%. The company had revenue of $7.48 billion for the quarter, compared to analysts’ expectations of $7.35 billion. During the same period last year, the business earned $1.07 EPS. Medtronic’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts expect that Medtronic will post 5.13 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 18th. Shareholders of record on Friday, December 28th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Thursday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 41.93%.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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