Royal Bank Of Canada Cuts Medtronic PLC (MDT) Price Target to $85.00

Medtronic PLC (NYSE:MDT) had its target price reduced by Royal Bank Of Canada from $90.00 to $85.00 in a research note released on Monday, Marketbeat reports. Royal Bank Of Canada currently has an outperform rating on the medical technology company’s stock.

Other research analysts have also recently issued research reports about the stock. Oppenheimer Holdings, Inc. reissued a buy rating and issued a $92.00 target price on shares of Medtronic PLC in a report on Tuesday, August 22nd. Jefferies Group LLC reissued a buy rating and issued a $103.00 target price on shares of Medtronic PLC in a report on Thursday, August 3rd. BidaskClub cut shares of Medtronic PLC from a hold rating to a sell rating in a report on Saturday, August 5th. Wells Fargo & Company cut shares of Medtronic PLC from an outperform rating to a market perform rating and dropped their target price for the stock from $93.00 to $83.00 in a report on Monday. Finally, Zacks Investment Research cut shares of Medtronic PLC from a hold rating to a sell rating in a report on Tuesday, September 12th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $87.88.

Medtronic PLC (NYSE:MDT) opened at 77.92 on Monday. The company’s 50-day moving average is $79.63 and its 200 day moving average is $83.23. The company has a market capitalization of $105.55 billion, a P/E ratio of 26.23 and a beta of 1.01. Medtronic PLC has a one year low of $69.35 and a one year high of $89.72.

Medtronic PLC (NYSE:MDT) last posted its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 earnings per share. Analysts predict that Medtronic PLC will post $4.66 EPS for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.46 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.84 annualized dividend and a yield of 2.36%. Medtronic PLC’s payout ratio is 61.95%.

Medtronic PLC announced that its Board of Directors has approved a stock repurchase program on Friday, June 23rd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the medical technology company to buy up to 49% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

In other news, CEO Omar Ishrak sold 140,407 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the completion of the sale, the chief executive officer now owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Bryan C. Hanson sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Perpetual Ltd grew its position in shares of Medtronic PLC by 7.7% during the 2nd quarter. Perpetual Ltd now owns 11,245 shares of the medical technology company’s stock worth $998,000 after buying an additional 800 shares during the period. Ardsley Advisory Partners grew its position in shares of Medtronic PLC by 100.0% during the 2nd quarter. Ardsley Advisory Partners now owns 5,000 shares of the medical technology company’s stock worth $444,000 after buying an additional 2,500 shares during the period. Frontier Investment Mgmt Co. grew its position in shares of Medtronic PLC by 1.5% during the 2nd quarter. Frontier Investment Mgmt Co. now owns 192,410 shares of the medical technology company’s stock worth $17,076,000 after buying an additional 2,844 shares during the period. Perigon Wealth Management LLC grew its position in shares of Medtronic PLC by 194.3% during the 2nd quarter. Perigon Wealth Management LLC now owns 2,840 shares of the medical technology company’s stock worth $252,000 after buying an additional 1,875 shares during the period. Finally, Intl Fcstone Inc. acquired a new stake in shares of Medtronic PLC during the 2nd quarter worth approximately $935,000. 80.63% of the stock is owned by institutional investors.

Medtronic PLC 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.

Analyst Recommendations for Medtronic PLC (NYSE:MDT)

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