Medtronic (NYSE:MDT) Price Target Raised to $112.00

Medtronic (NYSE:MDT) had its price target hoisted by analysts at UBS Group to $112.00 in a research note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the medical technology company’s stock. UBS Group’s target price would suggest a potential upside of 14.87% from the company’s current price.

Several other equities analysts have also recently commented on MDT. Zacks Investment Research raised Medtronic from a “sell” rating to a “hold” rating in a report on Monday, May 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $121.00 price target on shares of Medtronic in a report on Monday, May 27th. Royal Bank of Canada cut their price target on Medtronic to $100.00 and set an “outperform” rating for the company in a report on Tuesday, May 28th. Wells Fargo & Co raised Medtronic from a “market perform” rating to an “outperform” rating and upped their price target for the company from $100.00 to $110.00 in a report on Tuesday, June 4th. Finally, Northland Securities reaffirmed a “hold” rating and issued a $84.00 price target on shares of Medtronic in a report on Monday, March 18th. Eight analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $103.95.

NYSE MDT opened at $97.50 on Friday. Medtronic has a twelve month low of $81.66 and a twelve month high of $100.15. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49. The stock has a market cap of $130.80 billion, a P/E ratio of 18.68, a price-to-earnings-growth ratio of 2.51 and a beta of 0.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.47 by $0.07. The firm had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.12 billion. Medtronic had a return on equity of 14.16% and a net margin of 15.15%. The company’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.42 EPS. As a group, analysts expect that Medtronic will post 5.46 EPS for the current year.

In other news, EVP Hoedt Rob Ten sold 9,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $91.88, for a total value of $826,920.00. Following the completion of the transaction, the executive vice president now directly owns 58,785 shares of the company’s stock, valued at approximately $5,401,165.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard H. Anderson bought 10,900 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was bought at an average cost of $92.40 per share, with a total value of $1,007,160.00. Following the completion of the acquisition, the director now owns 89,912 shares in the company, valued at approximately $8,307,868.80. The disclosure for this purchase can be found here. Corporate insiders own 0.28% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc grew its position in Medtronic by 1.1% during the 3rd quarter. Vanguard Group Inc now owns 109,447,687 shares of the medical technology company’s stock worth $10,766,369,000 after acquiring an additional 1,199,118 shares during the last quarter. BlackRock Inc. grew its position in Medtronic by 7.9% during the 1st quarter. BlackRock Inc. now owns 106,778,084 shares of the medical technology company’s stock worth $9,725,349,000 after acquiring an additional 7,856,946 shares during the last quarter. Lazard Asset Management LLC grew its position in Medtronic by 21.6% during the 1st quarter. Lazard Asset Management LLC now owns 27,824,976 shares of the medical technology company’s stock worth $2,534,296,000 after acquiring an additional 4,935,080 shares during the last quarter. Geode Capital Management LLC grew its position in Medtronic by 5.0% during the 1st quarter. Geode Capital Management LLC now owns 17,528,513 shares of the medical technology company’s stock worth $1,593,828,000 after acquiring an additional 838,306 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Medtronic by 1.3% during the 4th quarter. Bank of New York Mellon Corp now owns 17,225,948 shares of the medical technology company’s stock worth $1,566,873,000 after acquiring an additional 213,593 shares during the last quarter. 80.10% of the stock is owned by institutional investors and hedge funds.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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