Medtronic (NYSE:MDT) had its price target boosted by analysts at Morgan Stanley from $91.00 to $95.00 in a research note issued to investors on Monday. The brokerage presently has an “equal weight” rating on the medical technology company’s stock. Morgan Stanley’s price target would indicate a potential upside of 12.88% from the company’s previous close.
A number of other equities research analysts have also issued reports on the company. Oppenheimer set a $94.00 price target on Medtronic and gave the company a “buy” rating in a research report on Friday, January 19th. Evercore ISI assumed coverage on Medtronic in a research report on Wednesday, January 3rd. They issued an “outperform” rating and a $92.50 price target on the stock. Bank of America raised Medtronic from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 2nd. Argus raised Medtronic from a “hold” rating to a “buy” rating and increased their price target for the company from $81.27 to $95.00 in a research report on Tuesday, December 12th. They noted that the move was a valuation call. Finally, BMO Capital Markets increased their price target on Medtronic to $94.00 and gave the company an “outperform” rating in a research report on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $90.10.
Shares of Medtronic (NYSE MDT) traded down $0.29 during trading on Monday, reaching $84.16. The company had a trading volume of 811,444 shares, compared to its average volume of 5,116,555. Medtronic has a 12 month low of $75.44 and a 12 month high of $89.72. The stock has a market cap of $114,302.90, a PE ratio of 22.98, a price-to-earnings-growth ratio of 2.33 and a beta of 0.93. The company has a quick ratio of 2.05, a current ratio of 2.40 and a debt-to-equity ratio of 0.50.
In related news, VP Richard Kuntz sold 78,526 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the transaction, the vice president now owns 149,761 shares in the company, valued at approximately $12,910,895.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Hooman Hakami sold 26,158 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $85.00, for a total value of $2,223,430.00. The disclosure for this sale can be found here. Insiders have sold a total of 136,684 shares of company stock worth $11,582,596 in the last 90 days. 0.31% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Hudock Capital Group LLC grew its stake in shares of Medtronic by 0.5% in the 2nd quarter. Hudock Capital Group LLC now owns 2,195 shares of the medical technology company’s stock valued at $194,000 after purchasing an additional 11 shares during the last quarter. Arcus Capital Partners LLC grew its stake in shares of Medtronic by 0.8% in the 2nd quarter. Arcus Capital Partners LLC now owns 3,249 shares of the medical technology company’s stock valued at $288,000 after purchasing an additional 25 shares during the last quarter. Hanson McClain Inc. grew its stake in shares of Medtronic by 0.5% in the 2nd quarter. Hanson McClain Inc. now owns 7,281 shares of the medical technology company’s stock valued at $646,000 after purchasing an additional 35 shares during the last quarter. Fiera Capital Corp grew its stake in shares of Medtronic by 0.5% in the 2nd quarter. Fiera Capital Corp now owns 6,832 shares of the medical technology company’s stock valued at $606,000 after purchasing an additional 37 shares during the last quarter. Finally, Chemical Bank grew its stake in shares of Medtronic by 0.4% in the 2nd quarter. Chemical Bank now owns 11,623 shares of the medical technology company’s stock valued at $1,031,000 after purchasing an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 81.97% 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.
