Medtronic PLC (MDT) Given New $83.00 Price Target at Stifel Nicolaus

Medtronic PLC (NYSE:MDT) had its target price lowered by Stifel Nicolaus from $91.00 to $83.00 in a research note published on Monday morning, MarketBeat reports. The firm currently has a hold rating on the medical technology company’s stock.

Other research analysts have also issued research reports about the company. Jefferies Group LLC reissued a buy rating and set a $96.00 price objective on shares of Medtronic PLC in a report on Thursday, September 28th. William Blair reissued an outperform rating on shares of Medtronic PLC in a report on Thursday, July 6th. SunTrust Banks, Inc. reissued a buy rating and set a $96.00 price objective on shares of Medtronic PLC in a report on Monday, October 2nd. Zacks Investment Research lowered Medtronic PLC from a hold rating to a sell rating in a report on Friday, August 25th. Finally, BidaskClub lowered Medtronic PLC from a strong-buy rating to a buy rating in a report on Monday, July 24th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $87.88.

Shares of Medtronic PLC (NYSE MDT) opened at 77.92 on Monday. The firm has a market capitalization of $105.55 billion, a P/E ratio of 26.23 and a beta of 1.01. The firm’s 50-day moving average is $79.63 and its 200-day moving average is $83.23. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72.

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

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

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

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Vanguard Group Inc. boosted its position in shares of Medtronic PLC by 2.4% during the second quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock valued at $9,298,872,000 after buying an additional 2,454,380 shares during the last quarter. BlackRock Inc. boosted its position in shares of Medtronic PLC by 2.8% during the second quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock valued at $7,944,210,000 after buying an additional 2,476,853 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Medtronic PLC by 3.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 58,646,070 shares of the medical technology company’s stock valued at $4,724,526,000 after buying an additional 1,729,715 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of Medtronic PLC by 43.8% during the second quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock valued at $1,745,699,000 after buying an additional 5,991,094 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Medtronic PLC by 7.3% during the first quarter. Geode Capital Management LLC now owns 13,308,812 shares of the medical technology company’s stock valued at $1,070,622,000 after buying an additional 906,581 shares during the last quarter. 80.63% of the stock is currently owned by hedge funds and other institutional investors.

About Medtronic PLC

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.

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