Medtronic (NYSE:MDT) Trading Up 1.1% on Analyst Upgrade

Medtronic plc (NYSE:MDT) traded up 1.1% during trading on Wednesday after Barclays raised their price target on the stock from $105.00 to $109.00. Barclays currently has an overweight rating on the stock. Medtronic traded as high as $86.75 and last traded at $86.66. 911,111 shares were traded during trading, a decline of 85% from the average session volume of 6,264,984 shares. The stock had previously closed at $85.68.

Several other research analysts have also weighed in on MDT. Wells Fargo & Company cut their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Piper Sandler upped their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $95.27.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of 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 valued at $661,125,000 after buying an additional 5,975,110 shares during the last quarter. Bank of Montreal Can increased its position in shares of Medtronic by 65.0% during the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after purchasing an additional 1,790,483 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after buying an additional 1,695,800 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Medtronic by 58.4% in the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after buying an additional 1,420,263 shares during the period. Finally, International Assets Investment Management LLC raised its stake in shares of Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Up 0.7 %

The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The business’s fifty day moving average price is $88.75 and its 200 day moving average price is $84.97. The company has a market capitalization of $110.64 billion, a P/E ratio of 26.38, a P/E/G ratio of 2.43 and a beta of 0.84.

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

Medtronic Company Profile

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.