Medtronic (NYSE:MDT) Earns “Outperform” Rating from Royal Bank of Canada

Medtronic (NYSE:MDT)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank of Canada in a research note issued on Wednesday,Benzinga reports. They presently have a $105.00 price target on the medical technology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 21.83% from the company’s previous close.

A number of other research firms have also weighed in on MDT. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Wells Fargo & Company cut their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $95.20.

Medtronic Trading Up 0.1 %

NYSE:MDT traded up $0.11 during trading hours on Wednesday, hitting $86.18. The company had a trading volume of 1,817,695 shares, compared to its average volume of 7,289,113. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $85.74 and a 200 day moving average of $87.02. Medtronic has a 1 year low of $75.96 and a 1 year high of $93.08. The company has a market cap of $110.51 billion, a P/E ratio of 26.38, a P/E/G ratio of 2.63 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Sell-side analysts expect that Medtronic will post 5.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

Institutional Trading of Medtronic

Several hedge funds and other institutional investors have recently bought and sold shares of MDT. Vanguard Group Inc. grew its stake in Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after buying an additional 754,395 shares in the last quarter. State Street Corp lifted its stake in Medtronic by 0.9% in 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 last quarter. Capital Research Global Investors grew its stake in shares of Medtronic by 1.8% during the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after buying an additional 571,700 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock valued at $2,155,085,000 after acquiring an additional 574,055 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock valued at $1,473,278,000 after acquiring an additional 372,168 shares in the last quarter. Institutional investors and hedge funds 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.