Medtronic (NYSE:MDT) Trading Up 0.5% Following Analyst Upgrade

Medtronic plc (NYSE:MDT)’s share price shot up 0.5% during trading on Thursday after Sanford C. Bernstein raised their price target on the stock from $96.00 to $97.00. Sanford C. Bernstein currently has an outperform rating on the stock. Medtronic traded as high as $84.67 and last traded at $84.56. 836,942 shares traded hands during trading, a decline of 87% from the average session volume of 6,250,480 shares. The stock had previously closed at $84.11.

Several other analysts have also recently commented on MDT. Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Truist Financial upped their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Barclays upped their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $95.19.

Hedge Funds Weigh In On Medtronic

A number of large investors have recently modified their holdings of the business. Fortitude Family Office LLC acquired a new stake in Medtronic in the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic in the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the 3rd quarter valued at about $27,000. Lynx Investment Advisory acquired a new stake in Medtronic in the 2nd quarter valued at about $28,000. Finally, J. Stern & Co. LLP acquired a new stake in Medtronic in the 3rd quarter valued at about $30,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

The firm has a market capitalization of $108.46 billion, a price-to-earnings ratio of 25.86, a P/E/G ratio of 2.42 and a beta of 0.84. The company’s 50 day moving average is $89.17 and its 200-day moving average is $84.84. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the business posted $1.25 earnings per share. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current 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.