Medtronic (NYSE:MDT) Given New $114.00 Price Target at Needham & Company LLC

Medtronic (NYSE:MDT) had its target price lifted by analysts at Needham & Company LLC from $101.00 to $114.00 in a report released on Thursday. The brokerage currently has a “buy” rating on the medical technology company’s stock. Needham & Company LLC’s target price points to a potential upside of 23.70% from the stock’s previous close.

Several other brokerages have also commented on MDT. Sanford C. Bernstein cut their price target on shares of Medtronic from $112.00 to $97.00 and set an “outperform” rating for the company in a report on Thursday, June 4th. Robert W. Baird decreased their price objective on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $118.00 target price on shares of Medtronic in a research report on Thursday, June 4th. UBS Group upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the stock from $85.00 to $100.00 in a research report on Tuesday, July 28th. Finally, Wells Fargo & Company decreased their price target on shares of Medtronic from $114.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $99.38.

Medtronic Stock Performance

Shares of MDT stock opened at $92.16 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. Medtronic has a 12-month low of $73.31 and a 12-month high of $106.33. The business’s 50 day moving average is $85.12 and its two-hundred day moving average is $85.72. The company has a market capitalization of $117.96 billion, a P/E ratio of 24.71, a P/E/G ratio of 2.44 and a beta of 0.55.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. The business had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts expect that Medtronic will post 5.94 EPS for the current fiscal year.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.27% of the stock is owned by company insiders.

Institutional Trading of Medtronic

Hedge funds have recently bought and sold shares of the business. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Medtronic during the 2nd quarter worth approximately $4,091,000. First Eagle Investment Management LLC increased its holdings in shares of Medtronic by 37.2% in the second quarter. First Eagle Investment Management LLC now owns 13,783,983 shares of the medical technology company’s stock valued at $1,078,321,000 after purchasing an additional 3,739,288 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Medtronic by 7,655.7% in the second quarter. California State Teachers Retirement System now owns 158,124,578 shares of the medical technology company’s stock valued at $12,370,086,000 after purchasing an additional 156,085,748 shares during the last quarter. Studio Investment Management LLC lifted its position in Medtronic by 15.8% during the second quarter. Studio Investment Management LLC now owns 16,289 shares of the medical technology company’s stock worth $1,286,000 after buying an additional 2,221 shares in the last quarter. Finally, VELA Investment Management LLC lifted its position in Medtronic by 15.7% during the second quarter. VELA Investment Management LLC now owns 7,734 shares of the medical technology company’s stock worth $605,000 after buying an additional 1,048 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).