SunTrust Banks, Inc. Reiterates Buy Rating for Medtronic PLC (MDT)
Medtronic PLC (NYSE:MDT)‘s stock had its “buy” rating reaffirmed by research analysts at SunTrust Banks, Inc. in a research note issued on Monday. They currently have a $96.00 price target on the medical technology company’s stock. SunTrust Banks, Inc.’s price objective indicates a potential upside of 22.90% from the company’s previous close.
A number of other equities analysts also recently weighed in on MDT. Jefferies Group LLC restated a “buy” rating and set a $96.00 target price on shares of Medtronic PLC in a report on Thursday, September 28th. Zacks Investment Research cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. BidaskClub cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research note on Saturday, August 26th. UBS AG restated an “overweight” rating on shares of Medtronic PLC in a research note on Thursday, August 24th. Finally, Barclays PLC lowered their price objective on shares of Medtronic PLC from $94.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 23rd. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. Medtronic PLC presently has an average rating of “Hold” and an average target price of $89.12.
Medtronic PLC (MDT) opened at 78.11 on Monday. The stock has a 50 day moving average price of $80.57 and a 200-day moving average price of $83.40. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72. The company has a market capitalization of $105.81 billion, a price-to-earnings ratio of 26.29 and a beta of 1.01.
Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. Equities analysts predict that Medtronic PLC will post $4.77 earnings per share for the current year.
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In related news, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the sale, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at approximately $54,569,899.89. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Parkside Financial Bank & Trust raised its position in shares of Medtronic PLC by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after buying an additional 210 shares in the last quarter. BDO Wealth Advisors LLC bought a new stake in shares of Medtronic PLC during the 2nd quarter worth approximately $103,000. Motco lifted its holdings in shares of Medtronic PLC by 8.7% during the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after acquiring an additional 99 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Medtronic PLC by 21.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock worth $114,000 after acquiring an additional 290 shares during the period. Finally, Israel Discount Bank of New York bought a new stake in shares of Medtronic PLC during the 1st quarter worth approximately $117,000. Hedge funds and other institutional investors own 80.63% of the company’s stock.
About Medtronic PLC
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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