Medtronic (NYSE:MDT) Coverage Initiated by Analysts at Deutsche Bank – Riverton Roll

Deutsche Bank assumed coverage on shares of Medtronic (NYSE:MDT) in a research report released on Friday, Benzinga reports. The brokerage issued a buy rating and a $99.00 price target on the medical technology companys stock.

Several other equities research analysts have also issued reports on MDT. Royal Bank of Canada lifted their price target on Medtronic from $118.00 to $122.00 and gave the stock an outperform rating in a research note on Wednesday, November 20th. Morgan Stanley lifted their price target on Medtronic from $116.00 to $123.00 and gave the stock an equal weight rating in a research note on Tuesday, December 17th. Oppenheimer lifted their price target on Medtronic from $118.00 to $123.00 and gave the stock an outperform rating in a research note on Wednesday, November 20th. Guggenheim raised Medtronic from a neutral rating to a buy rating and set a $135.00 price target for the company in a research note on Thursday. They noted that the move was a valuation call. Finally, Citigroup lowered Medtronic from a buy rating to a neutral rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Medtronic has an average rating of Buy and a consensus price target of $119.00.

NYSE:MDT opened at $113.88 on Friday. The firm has a market capitalization of $153.55 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 2.78 and a beta of 0.60. Medtronic has a 52-week low of $81.66 and a 52-week high of $115.94. The stock has a fifty day moving average of $112.56 and a 200 day moving average of $106.57. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.28 and a current ratio of 2.77.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters consensus estimate of $1.28 by $0.03. The company had revenue of $7.71 billion during the quarter, compared to analyst estimates of $7.66 billion. Medtronic had a return on equity of 14.52% and a net margin of 15.11%. The firms quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the company earned $1.22 earnings per share. Equities analysts forecast that Medtronic will post 5.6 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Friday, December 27th will be issued a $0.54 dividend. The ex-dividend date is Thursday, December 26th. This represents a $2.16 annualized dividend and a dividend yield of 1.90%. Medtronics dividend payout ratio is currently 41.38%.

In other news, EVP Michael J. Coyle sold 2,102 shares of Medtronic stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $109.77, for a total value of $230,736.54. Following the transaction, the executive vice president now owns 189,162 shares in the company, valued at $20,764,312.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert John White sold 52,165 shares of Medtronic stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $109.33, for a total value of $5,703,199.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,433 shares of company stock worth $11,704,539. Company insiders own 0.28% of the companys stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nachman Norwood & Parrott Inc increased its holdings in Medtronic by 1.9% during the 3rd quarter. Nachman Norwood & Parrott Inc now owns 5,400 shares of the medical technology companys stock valued at $587,000 after purchasing an additional 99 shares during the period. Pekin Hardy Strauss Inc. increased its holdings in Medtronic by 1.5% during the 2nd quarter. Pekin Hardy Strauss Inc. now owns 6,773 shares of the medical technology companys stock valued at $660,000 after purchasing an additional 100 shares during the period. Doliver Advisors LP increased its holdings in Medtronic by 2.2% during the 3rd quarter. Doliver Advisors LP now owns 4,705 shares of the medical technology companys stock valued at $509,000 after purchasing an additional 100 shares during the period. Affiance Financial LLC increased its holdings in Medtronic by 1.3% during the 3rd quarter. Affiance Financial LLC now owns 8,074 shares of the medical technology companys stock valued at $877,000 after purchasing an additional 102 shares during the period. Finally, Liberty Wealth Management LLC increased its holdings in Medtronic by 9.5% during the 3rd quarter. Liberty Wealth Management LLC now owns 1,187 shares of the medical technology companys stock valued at $129,000 after purchasing an additional 103 shares during the period. Hedge funds and other institutional investors own 80.65% of the companys stock.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Medtronic (NYSE:MDT) Coverage Initiated by Analysts at Deutsche Bank - Riverton Roll