Royal Bank of Canada Reiterates Outperform Rating for Medtronic (NYSE:MDT)

Medtronic (NYSE:MDT)‘s stock had its “outperform” rating restated by analysts at Royal Bank of Canada in a research note issued on Wednesday,Benzinga reports. They currently have a $105.00 price objective on the medical technology company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 19.13% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Wells Fargo & Company cut their price target 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday. Barclays lifted their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Sanford C. Bernstein lifted their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $95.20.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $88.14 on Wednesday. The company has a market capitalization of $113.02 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. Medtronic has a 52 week low of $75.96 and a 52 week high of $93.08. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average of $85.93 and a 200 day moving average of $87.03.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.11%. On average, sell-side analysts predict that Medtronic will post 5.45 earnings per share for the current fiscal year.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp lifted its position in Medtronic by 8.5% during the fourth quarter. Mackenzie Financial Corp now owns 751,758 shares of the medical technology company’s stock valued at $60,050,000 after purchasing an additional 58,796 shares during the period. Wealth Management Strategies Inc. acquired a new position in shares of Medtronic in the fourth quarter worth about $262,000. Michels Family Financial LLC acquired a new position in shares of Medtronic in the fourth quarter worth about $564,000. Castlekeep Investment Advisors LLC acquired a new position in shares of Medtronic in the fourth quarter worth about $1,143,000. Finally, North Star Asset Management Inc. raised its position in shares of Medtronic by 12.8% in the fourth quarter. North Star Asset Management Inc. now owns 5,083 shares of the medical technology company’s stock worth $406,000 after acquiring an additional 578 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.