Medtronic (NYSE:MDT) had its price objective upped by equities research analysts at Wells Fargo & Co from $110.00 to $120.00 in a note issued to investors on Wednesday, Marketbeat reports. The firm presently has an “outperform” rating on the medical technology company’s stock. Wells Fargo & Co‘s price objective indicates a potential upside of 11.29% from the stock’s current price.
Several other research analysts have also commented on MDT. Northland Securities restated a “hold” rating and set a $100.00 price target on shares of Medtronic in a research report on Wednesday. Barclays lifted their target price on Medtronic from $104.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Stifel Nicolaus lifted their target price on Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a report on Wednesday. Royal Bank of Canada set a $110.00 target price on Medtronic and gave the company a “buy” rating in a report on Friday, August 16th. Finally, BTIG Research lifted their target price on Medtronic to $120.00 and gave the company a “buy” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $113.38.
MDT opened at $107.83 on Wednesday. Medtronic has a 52 week low of $81.66 and a 52 week high of $109.70. The business has a fifty day simple moving average of $101.49 and a 200-day simple moving average of $93.96. The firm has a market cap of $139.72 billion, a P/E ratio of 20.66, a P/E/G ratio of 2.67 and a beta of 0.67. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49.
Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The business had revenue of $7.49 billion during the quarter, compared to analyst estimates of $7.40 billion. During the same period last year, the business posted $1.17 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. Sell-side analysts expect that Medtronic will post 5.57 earnings per share for the current year.
In other Medtronic news, SVP Bradley E. Lerman sold 4,000 shares of Medtronic stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the completion of the sale, the senior vice president now directly owns 52,906 shares of the company’s stock, valued at approximately $5,307,000.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Bradley E. Lerman sold 6,599 shares of Medtronic stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $102.02, for a total value of $673,229.98. Following the sale, the senior vice president now directly owns 105,960 shares of the company’s stock, valued at $10,810,039.20. The disclosure for this sale can be found here. Insiders have sold a total of 95,701 shares of company stock valued at $9,318,744 over the last ninety days. 0.28% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Krane Funds Advisors LLC acquired a new stake in shares of Medtronic during the second quarter worth about $25,000. Redhawk Wealth Advisors Inc. acquired a new stake in shares of Medtronic during the second quarter worth about $34,000. Rocky Mountain Advisers LLC increased its position in shares of Medtronic by 100.0% during the second quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 200 shares in the last quarter. Mackey Komara & Dankovich LLC acquired a new stake in shares of Medtronic during the first quarter worth about $38,000. Finally, Transamerica Financial Advisors Inc. acquired a new stake in shares of Medtronic during the second quarter worth about $48,000. 80.62% of the stock is owned by institutional investors.
Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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