Medtronic (NYSE:MDT) Price Target Raised to $105.00

Medtronic (NYSE:MDT) had its target price upped by equities researchers at Wells Fargo & Company from $102.00 to $105.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the medical technology company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 28.21% from the company’s previous close.

Other equities analysts have also issued reports about the company. Mizuho increased their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. UBS Group lifted their target price on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Oppenheimer lifted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Finally, Truist Financial decreased their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $94.45.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.52 during mid-day trading on Friday, hitting $81.90. The company had a trading volume of 1,425,624 shares, compared to its average volume of 6,109,862. The stock has a market cap of $108.75 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 2.79 and a beta of 0.78. The firm’s 50 day simple moving average is $82.84 and its two-hundred day simple moving average is $82.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic has a 12 month low of $68.84 and a 12 month high of $91.00.

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

Insider Activity at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently made changes to their positions in MDT. Fortitude Family Office LLC bought a new position in Medtronic in the 4th quarter valued at $25,000. LifeSteps Financial Inc. acquired a new stake in shares of Medtronic in the first quarter valued at approximately $27,000. MeadowBrook Investment Advisors LLC bought a new position in Medtronic in the 4th quarter worth approximately $27,000. Financial Gravity Asset Management Inc. lifted its holdings in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares in the last quarter. Finally, Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter valued at $33,000. Institutional investors and hedge funds 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.