Medtronic (NYSE:MDT) Stock Price Up 0.5% – Should You Buy?

Medtronic plc (NYSE:MDT) shares rose 0.5% during trading on Friday . The company traded as high as $85.46 and last traded at $85.13. Approximately 721,557 shares changed hands during trading, a decline of 88% from the average daily volume of 6,247,545 shares. The stock had previously closed at $84.74.

Analysts Set New Price Targets

MDT has been the topic of a number of research reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Truist Financial raised their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Finally, Robert W. Baird lowered their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.19.

Medtronic Price Performance

The business’s fifty day simple moving average is $89.07 and its 200 day simple moving average is $84.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84. The stock has a market cap of $110.01 billion, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 2.42 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The company’s revenue 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.

Institutional Trading of Medtronic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Olstein Capital Management L.P. boosted its holdings in Medtronic by 19.2% in 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 purchasing an additional 14,000 shares during the period. Manning & Napier Advisors LLC acquired a new position in Medtronic during the 2nd quarter worth $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new position in shares of Medtronic during the third quarter valued at $9,486,000. Harvest Portfolios Group Inc. increased its holdings in shares of Medtronic by 6.5% during the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after purchasing an additional 42,112 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Medtronic by 6.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after acquiring an additional 21,995 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

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.