Medtronic’s (MDT) Outperform Rating Reiterated at Royal Bank of Canada

Medtronic (NYSE:MDT)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Wednesday. They presently have a $92.00 price objective on the medical technology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 12.39% from the company’s current price.

A number of other brokerages have also recently weighed in on MDT. Needham & Company LLC reissued a “buy” rating and set a $94.00 price target on shares of Medtronic in a research report on Thursday, November 9th. SunTrust Banks set a $92.00 price target on shares of Medtronic and gave the stock a “buy” rating in a research report on Sunday, November 19th. Evercore ISI initiated coverage on shares of Medtronic in a research report on Wednesday, January 3rd. They set an “outperform” rating and a $92.50 price target on the stock. Oppenheimer reissued a “buy” rating on shares of Medtronic in a research report on Thursday, December 21st. Finally, BMO Capital Markets lifted their price target on shares of Medtronic to $94.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $90.45.

Shares of Medtronic (NYSE:MDT) traded up $1.64 during mid-day trading on Wednesday, reaching $81.86. 5,000,029 shares of the company’s stock were exchanged, compared to its average volume of 5,600,000. Medtronic has a 1 year low of $76.46 and a 1 year high of $89.72. The company has a market capitalization of $108,580.00, a PE ratio of 22.49, a PEG ratio of 2.21 and a beta of 0.93. The company has a current ratio of 2.40, a quick ratio of 2.05 and a debt-to-equity ratio of 0.50.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.08. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The firm had revenue of $7.05 billion for the quarter, compared to analysts’ expectations of $7.05 billion. During the same period last year, the firm earned $1.12 earnings per share. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. analysts forecast that Medtronic will post 4.76 EPS for the current year.

In related news, VP Richard Kuntz sold 78,526 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the sale, the vice president now directly owns 149,761 shares in the company, valued at $12,910,895.81. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $82.82, for a total transaction of $1,325,120.00. Following the sale, the executive vice president now owns 88,818 shares in the company, valued at $7,355,906.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 136,684 shares of company stock worth $11,582,596. 0.31% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the stock. Captrust Financial Advisors acquired a new stake in Medtronic in the 4th quarter valued at $463,000. Raymond James & Associates increased its stake in Medtronic by 1.1% in the 4th quarter. Raymond James & Associates now owns 1,130,147 shares of the medical technology company’s stock valued at $91,260,000 after buying an additional 12,325 shares during the last quarter. Ardsley Advisory Partners acquired a new stake in Medtronic in the 4th quarter valued at $404,000. HBK Investments L P acquired a new stake in Medtronic in the 4th quarter valued at $2,285,000. Finally, California State Teachers Retirement System increased its stake in Medtronic by 4.9% in the 4th quarter. California State Teachers Retirement System now owns 2,523,965 shares of the medical technology company’s stock valued at $203,810,000 after buying an additional 118,494 shares during the last quarter. Institutional investors and hedge funds own 81.91% of the company’s stock.

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About Medtronic

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.

Analyst Recommendations for Medtronic (NYSE:MDT)

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