Medtronic (NYSE:MDT) Price Target Raised to $92.00 at Citigroup

Medtronic (NYSE:MDT) had its price target hoisted by investment analysts at Citigroup from $85.00 to $92.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the medical technology company’s stock. Citigroup’s price target suggests a potential upside of 2.69% from the company’s previous close.

MDT has been the topic of several other reports. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday. Wells Fargo & Company boosted their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Piper Sandler lifted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $94.21.

Medtronic Stock Performance

Shares of Medtronic stock traded down $0.44 during trading on Tuesday, reaching $89.59. The company’s stock had a trading volume of 2,062,083 shares, compared to its average volume of 6,380,662. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The business’s fifty day moving average price is $86.00 and its 200-day moving average price is $83.15. The firm has a market cap 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. Medtronic has a one year low of $68.84 and a one year high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 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 business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts predict that Medtronic will post 5.46 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Chemung Canal Trust Co. lifted its holdings in Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after buying an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Medtronic during the 2nd quarter worth $25,643,000. SageView Advisory Group LLC lifted its holdings in Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after buying an additional 9,523 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Medtronic by 10.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock worth $11,789,000 after buying an additional 12,250 shares in the last quarter. Finally, Burns J W & Co. Inc. NY lifted its holdings in Medtronic by 17.4% during the 1st quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after buying an additional 486 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.