Medtronic (NYSE:MDT) Price Target Raised to $109.00

Medtronic (NYSE:MDT) had its price objective increased by Barclays from $105.00 to $109.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the medical technology company’s stock.

Other analysts also recently issued reports about the stock. Evercore ISI increased their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $95.27.

Medtronic Price Performance

Shares of MDT opened at $86.27 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company’s fifty day moving average price is $88.75 and its 200-day moving average price is $84.97. The firm has a market capitalization of $110.64 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 2.43 and a beta of 0.84. Medtronic has a 1-year low of $75.96 and a 1-year high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 EPS. On average, equities research analysts predict that Medtronic will post 5.46 EPS for the current year.

Institutional Investors Weigh In On Medtronic

Large investors have recently bought and sold shares of the stock. State Street Corp increased its stake in shares of Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after buying an additional 520,027 shares during the period. Pzena Investment Management LLC increased its position in shares of Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after purchasing an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Medtronic by 436.7% in the 3rd 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 valued at $661,125,000 after purchasing an additional 5,975,110 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after purchasing an additional 515,751 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after purchasing an additional 145,504 shares in the last quarter. Hedge funds and other institutional investors 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.