Medtronic (NYSE:MDT) had its target price raised by Barclays from $110.00 to $117.00 in a report issued on Wednesday, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the medical technology company’s stock.
Several other brokerages have also recently issued reports on MDT. Royal Bank of Canada set a $110.00 price objective on Medtronic and gave the company a buy rating in a research note on Friday, August 16th. BTIG Research upped their price objective on Medtronic to $120.00 and gave the company a buy rating in a research note on Wednesday. Wells Fargo & Co upped their price objective on Medtronic from $110.00 to $120.00 and gave the company an outperform rating in a research note on Wednesday. ValuEngine cut Medtronic from a buy rating to a hold rating in a research note on Thursday, August 1st. Finally, Deutsche Bank upped their price objective on Medtronic from $100.00 to $111.00 and gave the company a buy rating in a research note on Monday, August 19th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Medtronic presently has a consensus rating of Buy and an average target price of $113.55.
Shares of MDT opened at $106.05 on Wednesday. The company has a market capitalization of $144.62 billion, a P/E ratio of 20.32, a P/E/G ratio of 2.65 and a beta of 0.67. Medtronic has a one year low of $81.66 and a one year high of $109.70. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.67. The stock has a 50-day moving average price of $101.64 and a 200 day moving average price of $94.06.
Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The firm had revenue of $7.49 billion during the quarter, compared to the consensus estimate of $7.40 billion. During the same quarter in the prior year, the business posted $1.17 earnings per share. Medtronic’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic will post 5.56 earnings per share for the current fiscal year.
In other news, EVP Hooman Hakami sold 52,664 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the sale, the executive vice president now directly owns 95,337 shares in the company, valued at approximately $9,294,404.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bradley E. Lerman sold 6,599 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $102.02, for a total value of $673,229.98. Following the sale, the senior vice president now owns 105,960 shares in the company, valued at $10,810,039.20. The disclosure for this sale can be found here. Insiders have sold a total of 95,701 shares of company stock worth $9,318,744 over the last quarter. Insiders own 0.28% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Krane Funds Advisors LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth approximately $25,000. Redhawk Wealth Advisors Inc. bought a new position in Medtronic in the 2nd quarter worth approximately $34,000. Mackey Komara & Dankovich LLC bought a new position in Medtronic in the 1st quarter worth approximately $38,000. Rocky Mountain Advisers LLC grew its holdings in Medtronic by 100.0% in the 2nd quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock worth $39,000 after buying an additional 200 shares in the last quarter. Finally, Motco grew its holdings in Medtronic by 159.3% in the 1st quarter. Motco now owns 516 shares of the medical technology company’s stock worth $47,000 after buying an additional 317 shares in the last quarter. Institutional investors and hedge funds own 80.62% of the company’s stock.
Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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