Medtronic (NYSE:MDT) PT Raised to $76.00

Medtronic (NYSE:MDT) had its price target hoisted by equities researchers at UBS Group from $75.00 to $76.00 in a report released on Friday, Benzinga reports. The firm currently has a “sell” rating on the medical technology company’s stock. UBS Group’s price target indicates a potential downside of 7.02% from the company’s previous close.

MDT has been the topic of a number of other reports. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Mizuho boosted their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday. Oppenheimer boosted their target price 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. Finally, Truist Financial reduced their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $94.18.

Medtronic Stock Performance

Shares of MDT stock traded up $0.36 during mid-day trading on Friday, reaching $81.74. 613,220 shares of the company’s stock traded hands, compared to its average volume of 6,102,518. The firm has a market capitalization of $108.54 billion, a PE ratio of 26.03, a price-to-earnings-growth ratio of 2.79 and a beta of 0.78. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The firm has a 50 day moving average price of $82.84 and a two-hundred day moving average price of $82.62. Medtronic has a 12 month low of $68.84 and a 12 month high of $91.00.

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

Insider Transactions at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Medtronic during the fourth quarter valued at approximately $1,229,726,000. First Eagle Investment Management LLC increased its stake in Medtronic by 54.5% in the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after purchasing an additional 3,320,800 shares during the period. Pzena Investment Management LLC lifted its position in shares of Medtronic by 112.8% during the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after purchasing an additional 3,037,394 shares during the last quarter. M&G Plc bought a new position in shares of Medtronic in the first quarter worth about $259,160,000. Finally, Capital Research Global Investors grew its holdings in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.