Fintel reports that on August 23, 2023, Stifel maintained coverage of Medtronic (NYSE:MDT) with a Buy recommendation.
Analyst Price Forecast Suggests 12.50% Upside
As of August 2, 2023, the average one-year price target for Medtronic is 94.14. The forecasts range from a low of 77.77 to a high of $111.30. The average price target represents an increase of 12.50% from its latest reported closing price of 83.68.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Medtronic is 31,716MM, an increase of 0.50%. The projected annual non-GAAP EPS is 5.48.
Medtronic Declares $0.69 Dividend
On May 24, 2023 the company declared a regular quarterly dividend of $0.69 per share ($2.76 annualized). Shareholders of record as of June 23, 2023 received the payment on July 14, 2023. Previously, the company paid $0.68 per share.
At the current share price of $83.68 / share, the stock's dividend yield is 3.30%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.38%, the lowest has been 1.77%, and the highest has been 3.57%. The standard deviation of yields is 0.48 (n=236).
The current dividend yield is 1.89 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 1.00. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.26%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 3235 funds or institutions reporting positions in Medtronic. This is a decrease of 9 owner(s) or 0.28% in the last quarter. Average portfolio weight of all funds dedicated to MDT is 0.57%, an increase of 4.20%. Total shares owned by institutions increased in the last three months by 0.63% to 1,263,133K shares. 
The put/call ratio of MDT is 0.63, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 41,196K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 40,441K shares, representing an increase of 1.83%. The firm decreased its portfolio allocation in MDT by 2.43% over the last quarter.
Massachusetts Financial Services holds 36,000K shares representing 2.70% ownership of the company. In it's prior filing, the firm reported owning 36,245K shares, representing a decrease of 0.68%. The firm decreased its portfolio allocation in MDT by 83.97% over the last quarter.
Capital Research Global Investors holds 31,494K shares representing 2.37% ownership of the company. In it's prior filing, the firm reported owning 30,019K shares, representing an increase of 4.68%. The firm increased its portfolio allocation in MDT by 7.65% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 31,039K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 30,726K shares, representing an increase of 1.01%. The firm decreased its portfolio allocation in MDT by 2.82% over the last quarter.
Geode Capital Management holds 25,619K shares representing 1.92% ownership of the company. In it's prior filing, the firm reported owning 26,195K shares, representing a decrease of 2.25%. The firm decreased its portfolio allocation in MDT by 3.34% over the last quarter.
Medtronic Background Information
(This description is provided by the company.)
Medtronic plc, headquartered in Dublin, Ireland, is among the world's largest medical technology, services and solutions companies - alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 90,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.
Additional reading:
- Medtronic reports first quarter fiscal 2024 financial results Broad strength across businesses and geographies results in mid-single digit revenue growth, driven by execution, innovation, and improved underlying fundamentals
- Medtronic Board appoints Greg Lewis as new Director
- Amendment No. 2 and Extension Agreement to the Amended and Restated Credit Agreement dated as of December 12, 2020
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