Stifel Nicolaus Raises Medtronic (NYSE:MDT) Price Target to $92.00

Medtronic (NYSE:MDT – Get Rating) had its price objective boosted by Stifel Nicolaus from $90.00 to $92.00 in a research report issued on Friday, The Fly reports. Stifel Nicolaus’ price target points to a potential upside of 10.13% from the stock’s current price.

Several other research firms have also commented on MDT. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $89.00 price target on shares of Medtronic in a research report on Friday, April 21st. Wells Fargo & Company raised shares of Medtronic from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $77.00 to $100.00 in a research report on Monday, April 24th. Truist Financial lifted their price target on shares of Medtronic from $88.00 to $93.00 in a research report on Monday, April 24th. StockNews.com assumed coverage on shares of Medtronic in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Finally, Barclays upgraded shares of Medtronic from an “equal weight” rating to an “overweight” rating in a report on Monday, April 24th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $90.68.

Medtronic Trading Down 4.5 %

MDT opened at $83.54 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.76 and a quick ratio of 1.39. The company’s 50 day simple moving average is $84.78 and its two-hundred day simple moving average is $82.11. Medtronic has a 1-year low of $75.76 and a 1-year high of $101.39. The firm has a market capitalization of $111.14 billion, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 2.11 and a beta of 0.71.

Medtronic (NYSE:MDT – Get Rating) last released its earnings results on Thursday, May 25th. The medical technology company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.01. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.25 billion. Medtronic had a net margin of 13.20% and a return on equity of 13.37%. The business’s revenue was up 5.6% on a year-over-year basis. During the same period last year, the company posted $1.52 EPS. Analysts expect that Medtronic will post 5.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Medtronic

Institutional investors and hedge funds have recently modified their holdings of the company. Ferguson Wellman Capital Management Inc. grew its stake in shares of Medtronic by 45.0% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 6,113 shares of the medical technology company’s stock worth $475,000 after purchasing an additional 1,896 shares in the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of Medtronic during the third quarter worth $5,185,000. Arete Wealth Advisors LLC lifted its position in Medtronic by 87.8% in the third quarter. Arete Wealth Advisors LLC now owns 12,046 shares of the medical technology company’s stock valued at $973,000 after acquiring an additional 5,631 shares during the last quarter. Bank of Hawaii lifted its position in Medtronic by 6.2% in the third quarter. Bank of Hawaii now owns 13,151 shares of the medical technology company’s stock valued at $1,062,000 after acquiring an additional 765 shares during the last quarter. Finally, Gofen & Glossberg LLC IL lifted its position in Medtronic by 22.3% in the fourth quarter. Gofen & Glossberg LLC IL now owns 45,004 shares of the medical technology company’s stock valued at $3,498,000 after acquiring an additional 8,205 shares during the last quarter. Institutional investors and hedge funds own 80.37% of the company’s stock.

Medtronic Company Profile

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.