Medtronic (NYSE:MDT) Coverage Initiated at The Goldman Sachs Group

Equities research analysts at The Goldman Sachs Group started coverage on shares of Medtronic (NYSE:MDT) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “sell” rating and a $83.00 price target on the medical technology company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 1.98% from the company’s current price.

Several other equities research analysts also recently commented on MDT. Truist Financial lowered their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Mizuho raised their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Oppenheimer raised their price target on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Wells Fargo & Company raised their price target on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Finally, UBS Group raised their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $93.00.

Medtronic Stock Up 1.0 %

NYSE:MDT opened at $81.39 on Thursday. The firm’s 50 day simple moving average is $82.60 and its 200 day simple moving average is $83.03. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic has a one year low of $68.84 and a one year high of $91.00. The company has a market cap of $108.07 billion, a PE ratio of 29.60, a P/E/G ratio of 2.37 and a beta of 0.78.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same period last year, the company earned $1.57 EPS. The firm’s revenue was up .5% compared to the same quarter last year. On average, research analysts anticipate that Medtronic will post 5.44 earnings per share for the current year.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently bought and sold shares of MDT. Norges Bank purchased a new position in Medtronic during the 4th quarter worth $1,229,726,000. First Eagle Investment Management LLC boosted its holdings in Medtronic by 54.5% during the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after acquiring an additional 3,320,800 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in Medtronic by 112.8% during the 3rd quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after acquiring an additional 3,037,394 shares during the last quarter. M&G Plc purchased a new position in Medtronic during the 1st quarter worth $259,160,000. Finally, Capital Research Global Investors boosted its holdings in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

About Medtronic

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.