Medtronic PLC (MDT) Earns Buy Rating from SunTrust Banks, Inc.
Medtronic PLC (NYSE:MDT)‘s stock had its “buy” rating restated by stock analysts at SunTrust Banks, Inc. in a report released on Friday. They currently have a $96.00 target price on the medical technology company’s stock. SunTrust Banks, Inc.’s price objective would indicate a potential upside of 22.40% from the company’s previous close.
MDT has been the subject of several other research reports. Deutsche Bank AG set a $96.00 target price on shares of Medtronic PLC and gave the stock a “buy” rating in a report on Monday, July 31st. BidaskClub cut shares of Medtronic PLC from a “hold” rating to a “sell” rating in a report on Saturday, August 26th. Royal Bank Of Canada reduced their target price on shares of Medtronic PLC from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Monday, October 9th. BMO Capital Markets reissued an “outperform” rating and set a $92.00 target price (down previously from $94.00) on shares of Medtronic PLC in a report on Wednesday, August 23rd. Finally, Zacks Investment Research raised shares of Medtronic PLC from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $87.88.
Medtronic PLC (NYSE MDT) opened at $78.43 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.64 and a debt-to-equity ratio of 0.51. The stock has a market cap of $105.48 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 2.16 and a beta of 1.00. Medtronic PLC has a fifty-two week low of $69.35 and a fifty-two week high of $89.72.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The business had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.44 billion. During the same quarter last year, the company posted $1.03 earnings per share. The business’s quarterly revenue was up 3.1% on a year-over-year basis. sell-side analysts expect that Medtronic PLC will post 4.64 EPS for the current year.
In related news, EVP Bryan C. Hanson sold 16,000 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $78.03, for a total transaction of $1,248,480.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of the business’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 transaction, the chief executive officer now owns 668,503 shares in the company, valued at $54,569,899.89. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of MDT. BlackRock Inc. boosted its position in Medtronic PLC by 2,513.4% during the first quarter. BlackRock Inc. now owns 87,035,376 shares of the medical technology company’s stock worth $7,011,571,000 after acquiring an additional 83,705,052 shares during the last quarter. Lazard Asset Management LLC boosted its position in Medtronic PLC by 1,061.4% during the first quarter. Lazard Asset Management LLC now owns 13,678,772 shares of the medical technology company’s stock worth $1,101,960,000 after acquiring an additional 12,500,992 shares during the last quarter. Vanguard Group Inc. boosted its position in Medtronic PLC by 4.5% during the first quarter. Vanguard Group Inc. now owns 102,321,656 shares of the medical technology company’s stock worth $8,243,034,000 after acquiring an additional 4,412,536 shares during the last quarter. Alliancebernstein L.P. boosted its position in Medtronic PLC by 135.5% during the second quarter. Alliancebernstein L.P. now owns 6,070,160 shares of the medical technology company’s stock worth $538,727,000 after acquiring an additional 3,493,058 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Medtronic PLC by 35.0% during the third quarter. American Century Companies Inc. now owns 9,082,452 shares of the medical technology company’s stock worth $706,342,000 after acquiring an additional 2,354,467 shares during the last quarter. Hedge funds and other institutional investors own 80.81% 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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