Medtronic (NYSE:MDT) Trading Up 1.1% Following Analyst Upgrade

Medtronic plc (NYSE:MDT) rose 1.1% on Wednesday after Barclays raised their price target on the stock from $105.00 to $109.00. Barclays currently has an overweight rating on the stock. Medtronic traded as high as $86.75 and last traded at $86.66. Approximately 911,111 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 6,264,984 shares. The stock had previously closed at $85.68.

MDT has been the topic of several other research reports. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Oppenheimer lifted their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Robert W. Baird lowered their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Stifel Nicolaus upped their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Truist Financial lifted their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $95.27.

Hedge Funds Weigh In On Medtronic

Hedge funds have recently modified their holdings of the company. Fortitude Family Office LLC bought a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic in the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the second quarter worth $28,000. Finally, J. Stern & Co. LLP purchased a new stake in Medtronic in the third quarter worth $30,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

The firm has a market cap of $110.66 billion, a PE ratio of 26.39, a price-to-earnings-growth ratio of 2.43 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a 50-day simple moving average of $88.81 and a 200 day simple moving average of $84.96.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the company posted $1.25 EPS. Medtronic’s revenue was up 5.2% on a year-over-year basis. As a group, equities analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Company Profile

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.