Medtronic (NYSE:MDT) Shares Up 0.5% on Analyst Upgrade

Shares of Medtronic plc (NYSE:MDT) rose 0.5% during trading on Monday after Robert W. Baird raised their price target on the stock from $90.00 to $96.00. The stock traded as high as $88.44 and last traded at $88.01. Approximately 1,105,878 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 6,202,448 shares. The stock had previously closed at $87.53.

MDT has been the topic of several other reports. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. 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 research report on Wednesday, August 21st. Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. Oppenheimer boosted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Finally, Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $95.80.

Institutional Trading of Medtronic

Large investors have recently bought and sold shares of the company. TIAA Trust National Association raised its position in Medtronic by 16.1% during the first quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock worth $704,000 after acquiring an additional 1,119 shares during the last quarter. Ontario Teachers Pension Plan Board acquired a new position in Medtronic in the 1st quarter valued at about $1,616,000. Rockport Wealth LLC purchased a new position in Medtronic in the 1st quarter valued at about $518,000. O Shaughnessy Asset Management LLC boosted its stake in shares of Medtronic by 24.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 109,485 shares of the medical technology company’s stock worth $9,542,000 after purchasing an additional 21,702 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of Medtronic by 2.8% during the first quarter. Clearbridge Investments LLC now owns 595,995 shares of the medical technology company’s stock worth $51,941,000 after buying an additional 16,105 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.5 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a market cap of $112.77 billion, a price-to-earnings ratio of 29.73, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The business’s 50-day moving average price is $89.48 and its two-hundred day moving average price is $84.77.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the company earned $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Equities analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

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.