Medtronic (NYSE:MDT) Trading 0.6% Higher After Analyst Upgrade

Medtronic plc (NYSE:MDT)’s share price was up 0.6% on Friday after Robert W. Baird raised their price target on the stock from $90.00 to $96.00. The stock traded as high as $86.88 and last traded at $86.48. Approximately 2,390,114 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 6,198,870 shares. The stock had previously closed at $86.00.

Other analysts have also recently issued reports about the company. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Wells Fargo & Company lifted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Evercore ISI boosted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $95.80.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC raised its position in shares of Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares during the last quarter. Guardian Wealth Management Inc. increased its stake in Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after purchasing an additional 115 shares in the last quarter. First PREMIER Bank raised its holdings in Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after buying an additional 116 shares during the last quarter. First City Capital Management Inc. lifted its stake in shares of Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after buying an additional 116 shares in the last quarter. Finally, Hardy Reed LLC grew its holdings in shares of Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after buying an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 1.8 %

The stock has a market cap of $112.25 billion, a PE ratio of 29.57, a PEG ratio of 2.51 and a beta of 0.84. The stock’s fifty day moving average price is $89.48 and its 200 day moving average price is $84.71. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. On average, sell-side analysts forecast that Medtronic plc will post 5.44 EPS 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.