Share on StockTwits

Medtronic (NYSE:MDT) was upgraded by equities research analysts at RBC Capital from a “sector perform” rating to an “outperform” rating in a research note issued to investors on Tuesday, reports. The firm currently has a $73.00 price objective on the stock, up from their previous price objective of $61.00. RBC Capital’s price target indicates a potential upside of 21.61% from the stock’s previous close.

Medtronic (NYSE:MDT) traded up 2.12% during mid-day trading on Tuesday, hitting $61.30. 16,070,217 shares of the company’s stock traded hands. Medtronic has a 52 week low of $51.06 and a 52 week high of $64.33. The stock has a 50-day moving average of $60.35 and a 200-day moving average of $58.81. The company has a market cap of $61.239 billion and a P/E ratio of 19.88. Medtronic also was the target of some unusual options trading activity on Monday. Investors acquired 14,580 call options on the company. This represents an increase of 453% compared to the average daily volume of 2,636 call options.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, May 20th. The company reported $1.12 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $1.12. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.58 billion. During the same quarter in the prior year, the company posted $1.10 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. On average, analysts predict that Medtronic will post $4.05 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Friday, July 25th. Investors of record on Thursday, July 3rd will be paid a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a dividend yield of 2.03%.

Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. upgraded shares of Medtronic from a “neutral” rating to an “overweight” rating in a research note on Monday. They now have a $78.00 price target on the stock, up previously from $64.00. Separately, analysts at William Blair upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating in a research note on Monday. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Medtronic in a research note on Thursday, June 12th. They now have a $64.00 price target on the stock. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Medtronic has an average rating of “Buy” and a consensus price target of $65.82.

Medtronic, Inc (NYSE:MDT) is engaged in medical technology – alleviating pain, restoring health, and extending life for millions of people worldwide.

The Fly On The Wall

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.