Medtronic plc (NYSE:MDT – Get Rating)’s share price reached a new 52-week low during trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $122.00 to $110.00. The company traded as low as $85.81 and last traded at $85.82, with a volume of 29875 shares. The stock had previously closed at $86.20.
A number of other equities research analysts also recently commented on the company. Needham & Company LLC downgraded Medtronic from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Stifel Nicolaus decreased their price target on Medtronic from $125.00 to $105.00 in a report on Monday, July 18th. Cowen boosted their price target on Medtronic to $125.00 in a report on Monday, May 23rd. Citigroup decreased their price target on Medtronic from $120.00 to $117.00 and set a “buy” rating for the company in a report on Friday, May 27th. Finally, Wells Fargo & Company decreased their price target on Medtronic from $104.00 to $96.00 and set an “equal weight” rating for the company in a report on Wednesday, August 24th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $111.52.
Institutional Investors Weigh In On Medtronic
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Medtronic by 6.5% during the first quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company’s stock worth $13,375,853,000 after purchasing an additional 7,403,778 shares in the last quarter. BlackRock Inc. boosted its position in Medtronic by 4.7% in the fourth quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company’s stock valued at $11,162,603,000 after buying an additional 4,883,180 shares in the last quarter. State Street Corp raised its stake in shares of Medtronic by 0.9% during the first quarter. State Street Corp now owns 58,504,184 shares of the medical technology company’s stock valued at $6,527,226,000 after acquiring an additional 529,855 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Medtronic by 0.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 45,408,187 shares of the medical technology company’s stock worth $4,697,477,000 after buying an additional 217,800 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Medtronic by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 22,494,541 shares of the medical technology company’s stock valued at $2,320,796,000 after buying an additional 321,333 shares during the last quarter. 79.81% of the stock is owned by institutional investors and hedge funds.
Medtronic Trading Down 0.4 %
The company has a debt-to-equity ratio of 0.33, a current ratio of 1.58 and a quick ratio of 1.23. The firm has a market capitalization of $114.07 billion, a PE ratio of 22.27, a PEG ratio of 2.30 and a beta of 0.75. The firm’s fifty day moving average is $91.26 and its two-hundred day moving average is $99.40.
Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings data on Tuesday, August 23rd. The medical technology company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. During the same period in the previous year, the business posted $1.41 earnings per share. On average, equities analysts predict that Medtronic plc will post 5.53 EPS for the current fiscal year.
Medtronic Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 23rd will be issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Thursday, September 22nd. Medtronic’s payout ratio is 70.28%.
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.