Medtronic (NYSE:MDT) Earns Outperform Rating from Analysts at Evercore ISI

Stock analysts at Evercore ISI initiated coverage on shares of Medtronic (NYSE:MDT) in a report released on Wednesday, January 3rd, Marketbeat Ratings reports. The firm set an “outperform” rating and a $92.50 price target on the medical technology company’s stock. Evercore ISI’s price target would suggest a potential upside of 8.25% from the company’s previous close.

Other research analysts have also issued reports about the stock. Needham & Company LLC restated a “buy” rating and issued a $94.00 price objective on shares of Medtronic in a report on Thursday, November 9th. SunTrust Banks reiterated a “buy” rating and issued a $96.00 price target on shares of Medtronic in a research note on Friday, November 3rd. Cowen reiterated a “buy” rating and issued a $95.00 price target on shares of Medtronic in a research note on Friday, November 3rd. Jefferies Group reiterated a “buy” rating and issued a $96.00 price target on shares of Medtronic in a research note on Thursday, September 28th. Finally, Oppenheimer reiterated a “buy” rating and issued a $94.00 price target on shares of Medtronic in a research note on Wednesday, November 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $89.65.

Shares of Medtronic (MDT) traded down $0.28 on Wednesday, reaching $85.45. 5,085,912 shares of the company’s stock traded hands, compared to its average volume of 4,960,000. The stock has a market cap of $116,040.00, a PE ratio of 23.48, a P/E/G ratio of 2.36 and a beta of 0.99. The company has a quick ratio of 2.05, a current ratio of 2.40 and a debt-to-equity ratio of 0.50. Medtronic has a fifty-two week low of $73.59 and a fifty-two week high of $89.72.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 21st. The medical technology company reported $1.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.08. Medtronic had a net margin of 16.93% and a return on equity of 12.63%. The business had revenue of $7.05 billion during the quarter, compared to analyst estimates of $7.05 billion. During the same period in the prior year, the business earned $1.12 EPS. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. analysts predict that Medtronic will post 4.77 earnings per share for the current fiscal year.

In other news, VP Richard Kuntz sold 78,526 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $86.21, for a total transaction of $6,769,726.46. Following the sale, the vice president now owns 149,761 shares of the company’s stock, valued at approximately $12,910,895.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Bryan C. Hanson sold 16,000 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $79.02, for a total transaction of $1,264,320.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,684 shares of company stock valued at $12,831,076. 0.31% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Medtronic by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock valued at $9,298,872,000 after acquiring an additional 2,454,380 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Medtronic by 2.8% in the second quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock worth $7,944,210,000 after buying an additional 2,476,853 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Medtronic by 1.1% in the third quarter. Artisan Partners Limited Partnership now owns 23,853,034 shares of the medical technology company’s stock worth $1,855,050,000 after buying an additional 269,814 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Medtronic by 43.8% in the second quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock worth $1,745,699,000 after buying an additional 5,991,094 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Medtronic by 1.4% in the third quarter. Wells Fargo & Company MN now owns 12,378,331 shares of the medical technology company’s stock worth $962,664,000 after buying an additional 165,149 shares during the last quarter. 81.72% of the stock is currently owned by hedge funds and other institutional investors.

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Medtronic Company Profile

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

Analyst Recommendations for Medtronic (NYSE:MDT)

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