Medtronic (MDT) Lifted to “Buy” at Argus

Argus upgraded shares of Medtronic (NYSE:MDT) from a hold rating to a buy rating in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has $95.00 target price on the medical technology company’s stock, up from their previous target price of $81.27. The analysts noted that the move was a valuation call.

MDT has been the subject of a number of other research reports. Cowen set a $95.00 price target on Medtronic and gave the company a buy rating in a research report on Tuesday, August 22nd. Oppenheimer restated a buy rating and issued a $92.00 price target on shares of Medtronic in a research report on Tuesday, August 22nd. Royal Bank of Canada restated a buy rating and issued a $90.00 price target on shares of Medtronic in a research report on Monday, August 21st. Stifel Nicolaus raised their price target on Medtronic from $83.00 to $85.00 and gave the company a hold rating in a research report on Wednesday, November 22nd. Finally, Northland Securities restated a hold rating and issued a $80.00 price target on shares of Medtronic in a research report on Wednesday, November 22nd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the stock. Medtronic currently has an average rating of Hold and an average price target of $88.57.

Medtronic (MDT) traded down $0.09 during trading hours on Tuesday, reaching $81.83. The company’s stock had a trading volume of 5,000,700 shares, compared to its average volume of 4,951,062. The stock has a market capitalization of $110,878.55, a PE ratio of 17.66, a price-to-earnings-growth ratio of 2.26 and a beta of 1.00. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.40 and a quick ratio of 2.05. Medtronic has a 1 year low of $69.35 and a 1 year high of $89.72.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.08. The firm had revenue of $7.05 billion during the quarter, compared to analysts’ expectations of $7.05 billion. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. Medtronic’s revenue was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.12 earnings per share. sell-side analysts anticipate that Medtronic will post 4.77 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, December 29th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, December 28th. Medtronic’s payout ratio is currently 50.41%.

In related news, EVP Bryan C. Hanson sold 16,000 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $79.02, for a total transaction of $1,264,320.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.31% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Advantus Capital Management Inc boosted its stake in Medtronic by 0.4% in the 1st quarter. Advantus Capital Management Inc now owns 137,521 shares of the medical technology company’s stock worth $11,079,000 after buying an additional 497 shares during the last quarter. Homrich & Berg boosted its stake in Medtronic by 19.0% in the 1st quarter. Homrich & Berg now owns 4,991 shares of the medical technology company’s stock worth $402,000 after buying an additional 798 shares during the last quarter. Westside Investment Management Inc. boosted its stake in Medtronic by 114.5% in the 1st quarter. Westside Investment Management Inc. now owns 13,476 shares of the medical technology company’s stock worth $1,081,000 after buying an additional 7,193 shares during the last quarter. Israel Discount Bank of New York acquired a new stake in Medtronic in the 1st quarter worth about $117,000. Finally, Sentry Investments Corp. boosted its stake in Medtronic by 0.5% in the 1st quarter. Sentry Investments Corp. now owns 1,093,500 shares of the medical technology company’s stock worth $88,092,000 after buying an additional 5,100 shares during the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

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About Medtronic

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.

Analyst Recommendations for Medtronic (NYSE:MDT)

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