Medtronic (NYSE:MDT) PT Raised to $104.00

Medtronic (NYSE:MDT) had its target price raised by equities research analysts at Evercore ISI from $100.00 to $104.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the medical technology company’s stock. Evercore ISI’s price objective would indicate a potential upside of 16.08% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Citigroup lowered their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Finally, Stifel Nicolaus upped their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $94.21.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $0.44 during midday trading on Tuesday, reaching $89.59. 2,062,083 shares of the company traded hands, compared to its average volume of 6,380,662. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic has a 12 month low of $68.84 and a 12 month high of $91.49. The firm has a market capitalization of $114.88 billion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The firm’s fifty day moving average price is $86.00 and its two-hundred day moving average price is $83.15.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. On average, equities analysts expect that Medtronic will post 5.46 earnings per share for the current year.

Institutional Trading of Medtronic

Several institutional investors have recently bought and sold shares of the company. J. W. Coons Advisors LLC bought a new stake in Medtronic during the 4th quarter worth approximately $210,000. CWA Asset Management Group LLC purchased a new stake in Medtronic during the 4th quarter valued at approximately $376,000. First Trust Advisors LP grew its holdings in Medtronic by 2.4% during the 4th quarter. First Trust Advisors LP now owns 1,106,515 shares of the medical technology company’s stock valued at $91,155,000 after buying an additional 26,023 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Medtronic by 346.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 180,717 shares of the medical technology company’s stock valued at $14,887,000 after buying an additional 140,241 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in Medtronic by 0.3% during the 4th quarter. Oppenheimer & Co. Inc. now owns 216,392 shares of the medical technology company’s stock valued at $17,826,000 after buying an additional 644 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

About Medtronic

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.