JPMorgan Chase & Co. Cuts Medtronic (NYSE:MDT) Price Target to $96.00

Medtronic (NYSE:MDT) had its price target decreased by JPMorgan Chase & Co. from $99.00 to $96.00 in a research note released on Friday. JPMorgan Chase & Co. currently has a neutral rating on the medical technology company’s stock.

Several other research analysts have also weighed in on the company. Oppenheimer boosted their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, Truist Financial lifted their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.80.

Medtronic Trading Up 0.1 %

NYSE MDT opened at $87.64 on Friday. The firm has a market cap of $112.39 billion, a P/E ratio of 29.61, a P/E/G ratio of 2.50 and a beta of 0.84. 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 stock’s 50-day moving average is $89.42 and its 200-day moving average is $84.82. Medtronic has a one year low of $74.66 and a one year high of $92.68.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating 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 quarter last year, the firm earned $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic will post 5.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medtronic

Hedge funds have recently made changes to their positions in the stock. Nwam LLC raised its position in shares of Medtronic by 3.2% in the 1st quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock worth $371,000 after acquiring an additional 141 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its position in shares of Medtronic by 3.4% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,118 shares of the medical technology company’s stock worth $359,000 after acquiring an additional 137 shares in the last quarter. Nicolet Advisory Services LLC bought a new position in shares of Medtronic in the 1st quarter worth about $247,000. TIAA Trust National Association raised its position in shares of Medtronic by 16.1% in the 1st 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 in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Medtronic in the 1st quarter worth about $1,616,000. 82.06% of the stock is currently owned by 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.