Mizuho Issues Positive Forecast for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its price target upped by analysts at Mizuho from $98.00 to $100.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the medical technology company’s stock. Mizuho’s price target would suggest a potential upside of 12.04% from the company’s previous close.

MDT has been the subject of a number of other reports. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a report on Friday, April 11th. Robert W. Baird reduced their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research note on Monday, June 30th. Citigroup increased their target price on shares of Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.19.

Medtronic Trading Down 0.5%

NYSE MDT opened at $89.26 on Wednesday. Medtronic has a 1-year low of $76.68 and a 1-year high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $114.47 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The firm’s fifty day simple moving average is $86.03 and its 200-day simple moving average is $86.97.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. As a group, sell-side analysts anticipate that Medtronic will post 5.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Brighton Jones LLC raised its stake in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after acquiring an additional 37,265 shares during the last quarter. Oxford Asset Management LLP increased its holdings in shares of Medtronic by 70.1% in the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company’s stock valued at $594,000 after purchasing an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC increased its holdings in shares of Medtronic by 304.9% in the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company’s stock valued at $2,425,000 after purchasing an additional 22,300 shares in the last quarter. Insight Inv LLC increased its holdings in shares of Medtronic by 84.2% in the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company’s stock valued at $2,467,000 after purchasing an additional 12,550 shares in the last quarter. Finally, Argent Trust Co increased its holdings in shares of Medtronic by 13.6% in the fourth quarter. Argent Trust Co now owns 56,020 shares of the medical technology company’s stock valued at $4,475,000 after purchasing an additional 6,721 shares in the last quarter. 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.