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

Medtronic (NYSE:MDT) had its price objective raised by Robert W. Baird from $90.00 to $96.00 in a report published on Friday morning.

MDT has been the subject of a number of other reports. Wells Fargo & Company boosted their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Evercore ISI boosted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Barclays upped their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $95.80.

Medtronic Stock Performance

Shares of Medtronic stock opened at $87.53 on Friday. The company has a 50 day moving average price of $89.48 and a 200 day moving average price of $84.77. The firm has a market capitalization of $112.25 billion, a P/E ratio of 29.57, a PEG ratio of 2.50 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic has a 52 week low of $74.20 and a 52 week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts expect that Medtronic will post 5.44 EPS for the current year.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently made changes to their positions in the company. State Street Corp lifted its stake in Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after purchasing an additional 520,027 shares in the last quarter. Capital Research Global Investors increased its holdings 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 valued at $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC lifted its position in Medtronic by 3.3% during the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after buying an additional 275,870 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Medtronic by 436.7% during the third 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 buying an additional 5,975,110 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares in the last quarter. Institutional investors and hedge funds 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.