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

Medtronic plc (NYSE:MDT) rose 0.5% during trading on Monday after Robert W. Baird raised their price target on the stock from $90.00 to $96.00. The stock traded as high as $88.44 and last traded at $88.01. Approximately 1,105,878 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 6,202,448 shares. The stock had previously closed at $87.53.

Other equities analysts also recently issued reports about the stock. 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 note on Thursday, August 22nd. Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Piper Sandler lifted their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $95.80.

Hedge Funds Weigh In On Medtronic

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp grew its stake in shares of Medtronic by 0.9% during the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after purchasing an additional 520,027 shares during the period. Capital Research Global Investors increased its holdings in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC raised its position in Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after acquiring an additional 275,870 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Medtronic by 436.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after acquiring an additional 5,975,110 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after acquiring an additional 515,751 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

The firm has a 50 day moving average price of $89.30 and a 200 day moving average price of $84.84. The stock has a market capitalization of $109.02 billion, a PE ratio of 28.72, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.25 earnings per share. Research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

About Medtronic

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.