Sanford C. Bernstein Cuts Medtronic (NYSE:MDT) Price Target to $99.00

Posted by Wayne Rhoads on May 26th, 2023

Medtronic (NYSE:MDT – Get Rating) had its target price reduced by research analysts at Sanford C. Bernstein from $100.00 to $99.00 in a research note issued to investors on Friday, The Fly reports. Sanford C. Bernstein’s price target suggests a potential upside of 18.51% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Wells Fargo & Company raised shares of Medtronic from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $77.00 to $100.00 in a report on Monday, April 24th. Truist Financial increased their price objective on shares of Medtronic from $88.00 to $93.00 in a research note on Monday, April 24th. UBS Group cut shares of Medtronic from a “buy” rating to a “sell” rating and dropped their price objective for the company from $127.00 to $79.00 in a research note on Wednesday, March 29th. Barclays upgraded shares of Medtronic from an “equal weight” rating to an “overweight” rating in a research note on Monday, April 24th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $89.00 price objective on shares of Medtronic in a research note on Friday, April 21st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $90.68.

Medtronic Price Performance

Shares of Medtronic stock opened at $83.54 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.76 and a quick ratio of 1.39. Medtronic has a fifty-two week low of $75.76 and a fifty-two week high of $101.39. The firm has a fifty day moving average price of $84.78 and a two-hundred day moving average price of $82.11. The company has a market cap of $111.14 billion, a PE ratio of 27.48, a price-to-earnings-growth ratio of 2.11 and a beta of 0.71.

Medtronic (NYSE:MDT – Get Rating) last issued its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 13.37%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.25 billion. During the same period in the prior year, the firm earned $1.52 EPS. The business’s revenue was up 5.6% on a year-over-year basis. Analysts expect that Medtronic will post 5.28 EPS for the current year.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sageworth Trust Co acquired a new stake in Medtronic in the 1st quarter valued at about $26,000. Syverson Strege & Co increased its position in Medtronic by 52.9% in the 4th quarter. Syverson Strege & Co now owns 341 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 118 shares in the last quarter. Laurel Wealth Advisors LLC increased its position in Medtronic by 250.0% in the 1st quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock valued at $28,000 after acquiring an additional 250 shares in the last quarter. Trivant Custom Portfolio Group LLC acquired a new stake in Medtronic in the 1st quarter valued at about $31,000. Finally, Certified Advisory Corp acquired a new stake in Medtronic in the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 80.37% of the company’s stock.

Medtronic Company Profile

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.