Medtronic (NYSE:MDT) Price Target Increased to $105.00 by Analysts at Wells Fargo & Company

Medtronic (NYSE:MDTGet Free Report) had its price target lifted by equities researchers at Wells Fargo & Company from $102.00 to $105.00 in a report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the medical technology company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 28.21% from the company’s current price.

Several other research analysts have also recently issued reports on the company. Mizuho raised their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer raised their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. Finally, Truist Financial dropped their price target on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $94.45.

Read Our Latest Research Report on Medtronic

Medtronic Stock Performance

MDT traded up $0.52 during midday trading on Friday, hitting $81.90. 1,425,624 shares of the company traded hands, compared to its average volume of 6,109,862. The company’s 50-day moving average is $82.84 and its 200 day moving average is $82.62. Medtronic has a 52 week low of $68.84 and a 52 week high of $91.00. The firm has a market capitalization of $108.75 billion, a PE ratio of 26.08, a price-to-earnings-growth ratio of 2.79 and a beta of 0.78. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDTGet Free Report) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm’s revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.57 EPS. On average, research analysts expect that Medtronic will post 5.2 EPS for the current year.

Insider Buying and Selling at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Medtronic

A number of institutional investors and hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC purchased a new stake in Medtronic in the fourth quarter worth $25,000. LifeSteps Financial Inc. purchased a new position in Medtronic in the 1st quarter worth about $27,000. MeadowBrook Investment Advisors LLC bought a new stake in Medtronic during the 4th quarter valued at about $27,000. Financial Gravity Asset Management Inc. lifted its holdings in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares in the last quarter. Finally, Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter worth about $33,000. 82.06% of the stock is owned by institutional investors.

Medtronic Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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