Medtronic (NYSE:MDT) Trading Up 0.5% Following Analyst Upgrade

Medtronic plc (NYSE:MDT) shares were up 0.5% during trading on Thursday after Sanford C. Bernstein raised their price target on the stock from $96.00 to $97.00. Sanford C. Bernstein currently has an outperform rating on the stock. Medtronic traded as high as $84.67 and last traded at $84.56. Approximately 836,942 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 6,250,480 shares. The stock had previously closed at $84.11.

MDT has been the topic of a number of other reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday. Robert W. Baird dropped their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Oppenheimer increased their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Finally, Truist Financial increased their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $95.19.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Olstein Capital Management L.P. grew its position in Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after buying an additional 14,000 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in Medtronic during the second quarter worth about $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new stake in Medtronic during the third quarter worth about $9,486,000. Harvest Portfolios Group Inc. grew its position in Medtronic by 6.5% during the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock worth $62,042,000 after buying an additional 42,112 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Medtronic by 6.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after buying an additional 21,995 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 0.5 %

The firm has a market capitalization of $108.46 billion, a price-to-earnings ratio of 25.86, a P/E/G ratio of 2.42 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average of $89.17 and a two-hundred day moving average of $84.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the company earned $1.25 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Company Profile

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.