Medtronic (NYSE:MDT) Stock Price 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 company traded as high as $88.44 and last traded at $88.01. Approximately 1,105,878 shares changed hands during trading, a decline of 82% from the average daily volume of 6,202,448 shares. The stock had previously closed at $87.53.

Other analysts also recently issued reports about the company. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Wells Fargo & Company increased their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Truist Financial upped their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp boosted its stake in Medtronic by 0.9% during the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after buying an additional 520,027 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after purchasing an additional 275,870 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after purchasing an additional 5,975,110 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after buying an additional 515,751 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

The company has a fifty day simple moving average of $89.42 and a 200-day simple moving average of $84.82. The company has a market cap of $112.39 billion, a P/E ratio of 29.61, a PEG 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.

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, topping analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.20 earnings per share. On average, sell-side analysts predict 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.