Medtronic (NYSE:MDT) Price Target Raised to $96.00

Medtronic (NYSE:MDT) had its price target raised by analysts at Robert W. Baird from $90.00 to $96.00 in a research report issued on Friday. Robert W. Baird’s price target indicates a potential upside of 9.84% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.80.

Medtronic Price Performance

MDT traded up $1.40 during midday trading on Friday, hitting $87.40. The stock had a trading volume of 4,724,437 shares, compared to its average volume of 6,210,865. Medtronic has a 1 year low of $74.20 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The business has a fifty day moving average of $89.52 and a 200 day moving average of $84.67. The company has a market cap of $112.09 billion, a P/E ratio of 29.53, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 EPS. As a group, equities analysts forecast that Medtronic will post 5.44 earnings per share for the current fiscal year.

Institutional Trading of Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after purchasing an additional 5,975,110 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Medtronic by 7.1% in the first 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 period. Bank of Montreal Can boosted its position in shares of Medtronic by 65.0% in the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after purchasing an additional 1,790,483 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after buying an additional 1,695,800 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after purchasing an additional 1,420,263 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.