According to Fintel, on May 25, 2023, Evercore ISI Group maintained its coverage of Medtronic (NYSE:MDT) and recommended it as an Outperform.
Analyst Forecasts Suggest 5.62% Upside
As of May 11, 2023, the average one-year price target for Medtronic is $92.40. Forecasts range from a low of $79.79 to a high of $109.20. This average price target represents an increase of 5.62% from its latest reported closing price of $87.49.
See a leaderboard of companies with the largest price target upside.
Medtronic’s projected annual revenue is $30,781MM, an increase of 0.03%. The projected annual non-GAAP EPS is $5.32.
Medtronic Declares Quarterly Dividend of $0.68
On March 2, 2023, the company declared a regular quarterly dividend of $0.68 per share ($2.72 annualized). Shareholders of record as of March 24, 2023 received the payment on April 14, 2023. The company previously paid $0.68 per share.
The stock’s dividend yield is currently 3.11% at the current share price of $87.49/share.
Over the past five years, taking a sample every week, the average dividend yield was 2.34%, the lowest has been 1.77%, and the highest has been 3.57%. The standard deviation of yields is 0.45 (n=237).
The current dividend yield is 1.71 standard deviations above its historical average.
In addition, the company’s dividend payout ratio is 0.89, which tells us how much of the 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 of more than one means the company is dipping into savings to maintain its dividend, which is not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, usually resulting in a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings to invest in those prospects, resulting in a payout ratio of zero to 0.5.
The company’s three-year dividend growth rate is 0.26%, showing that it has increased its dividend over time.
What is the Fund Sentiment?
There are 3238 funds or institutions reporting positions in Medtronic, which is an increase of 55 owners (1.73%) in the last quarter. The average portfolio weight of all funds dedicated to MDT is 0.55%, which is an increase of 0.98%. Total shares owned by institutions decreased in the last three months by 0.33% to 1,254,504K shares. 
The put/call ratio of MDT is 0.97, indicating a bullish outlook.
What are other Shareholders Doing?
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 40,441K shares representing 3.04% ownership of the company. In its prior filing, the firm reported owning 39,665K shares, representing an increase of 1.92%. The firm decreased its portfolio allocation in MDT by 9.38% over the last quarter.
Massachusetts Financial Services holds 36,245K shares representing 2.72% ownership of the company. In its prior filing, the firm reported owning 35,400K shares, representing an increase of 2.33%. The firm decreased its portfolio allocation in MDT by 84.03
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