Evercore ISI Increases Medtronic (NYSE:MDT) Price Target to $104.00

by · The Markets Daily

Medtronic (NYSE:MDT – Free Report) had its price objective upped by Evercore ISI from $100.00 to $104.00 in a report issued on Tuesday, Benzinga reports. They currently have an outperform rating on the medical technology company’s stock.

A number of other equities analysts also recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an overweight rating in a research note on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a strong-buy rating in a research note on Friday, August 23rd. Robert W. Baird increased their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a neutral rating in a research note on Wednesday, August 21st. Oppenheimer increased their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a market perform rating in a research note on Wednesday, August 21st. Finally, Barclays increased their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an overweight rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $94.21.

View Our Latest Research Report on Medtronic

Medtronic Stock Performance

Medtronic stock opened at $88.26 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $113.17 billion, a PE ratio of 32.09, a P/E/G ratio of 2.56 and a beta of 0.84. The firm has a fifty day simple moving average of $86.77 and a two-hundred day simple moving average of $83.30. Medtronic has a twelve month low of $68.84 and a twelve month high of $91.49.

Medtronic (NYSE:MDT – Get Free Report) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.20 earnings per share. Research analysts expect that Medtronic will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Institutional Investors Weigh In On Medtronic

A number of institutional investors have recently made changes to their positions in MDT. LifeSteps Financial Inc. purchased a new stake in shares of Medtronic during the first quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the second quarter valued at approximately $28,000. Tributary Capital Management LLC purchased a new stake in shares of Medtronic during the first quarter valued at approximately $33,000. Fortis Group Advisors LLC lifted its position in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the period. Finally, Riverview Trust Co bought a new position in Medtronic during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

About Medtronic

(Get Free Report)

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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