Medtronic (NYSE:MDT) Downgraded by TheStreet

Posted by MarketBeat News on Aug 4th, 2022

TheStreet downgraded shares of Medtronic (NYSE:MDT – Get Rating) from a b- rating to a c+ rating in a report published on Monday morning, TheStreetRatingsTable reports.

Several other brokerages have also weighed in on MDT. Needham & Company LLC lowered Medtronic from a buy rating to a hold rating in a research report on Friday, May 27th. Deutsche Bank Aktiengesellschaft cut their target price on Medtronic from $149.00 to $121.00 in a research report on Friday, May 27th. SVB Leerink reaffirmed a market perform rating on shares of Medtronic in a research report on Wednesday, April 13th. Stifel Nicolaus cut their price objective on Medtronic from $125.00 to $105.00 in a research report on Monday, July 18th. Finally, Royal Bank of Canada cut their price objective on Medtronic from $135.00 to $122.00 in a research report on Friday, May 27th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of Hold and an average price target of $117.13.

Medtronic Price Performance

Shares of NYSE:MDT opened at $93.77 on Monday. The business’s fifty day moving average price is $91.73 and its two-hundred day moving average price is $101.07. The stock has a market cap of $125.80 billion, a PE ratio of 25.14, a price-to-earnings-growth ratio of 2.38 and a beta of 0.75. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.49 and a current ratio of 1.86. Medtronic has a one year low of $86.70 and a one year high of $135.89.

Medtronic (NYSE:MDT – Get Rating) last announced its earnings results on Thursday, May 26th. The medical technology company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04). Medtronic had a net margin of 15.90% and a return on equity of 14.50%. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same quarter last year, the company posted $1.50 EPS. Medtronic’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, analysts forecast that Medtronic will post 5.56 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, June 24th were issued a $0.68 dividend. The ex-dividend date was Thursday, June 23rd. This represents a $2.72 annualized dividend and a dividend yield of 2.90%. This is a boost from Medtronic’s previous quarterly dividend of $0.63. Medtronic’s dividend payout ratio is currently 72.92%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MDT. Dixon Hughes Goodman Wealth Advisors LLC purchased a new position in Medtronic during the 4th quarter worth approximately $25,000. PYA Waltman Capital LLC purchased a new position in Medtronic during the 4th quarter worth approximately $25,000. Horan Securities Inc. purchased a new position in Medtronic during the 4th quarter worth approximately $25,000. Landmark Wealth Management LLC purchased a new position in Medtronic during the 1st quarter worth approximately $25,000. Finally, Curi Wealth Management LLC purchased a new position in Medtronic during the 4th quarter worth approximately $27,000. Institutional investors own 80.23% of the company’s stock.

Medtronic Company Profile

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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.