Medtronic plc (NYSE:MDT) is included among the 15 Best Cheap Dividend Stocks to Buy.
On April 7, Citi analyst Joanne Wuensch lowered the firm’s price target on Medtronic plc (NYSE:MDT) to $110 from $117 and kept a Buy rating. The update came as part of a Q1 preview for the medical technology group. The analyst said the “walls of worry are high” heading into earnings, with the sector seeing notable multiple compression. Citi also removed iRhythm and Medtronic from its list of top picks. The firm now favors Edwards Lifesciences and Intuitive Surgical.
On April 6, Stifel lowered its price target on Medtronic to $95 from $105 and maintained a Hold rating. The firm updated its model following the March 9 completion of Medtronic’s Diabetes business IPO, now called “MiniMed” (MMED). Medtronic said MiniMed will remain a consolidated subsidiary for about six months after the IPO, until the full separation is completed. During this transition period, Stifel continues to model the full Diabetes business revenue. It adjusts for the 10% non-controlling interest that Medtronic sold in the IPO. Management expects the IPO to dilute EPS by 1c to 2c per month until the separation is finalized.
Medtronic plc (NYSE:MDT) is an Ireland-based healthcare technology company. Its products are organized across four main segments: Cardiovascular, Neuroscience, Medical Surgical, and Diabetes.
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