Medtronic (NYSE:MDT) had its target price hoisted by investment analysts at Piper Jaffray Companies to $125.00 in a research report issued on Tuesday, The Fly reports. The firm currently has an “overweight” rating on the medical technology company’s stock. Piper Jaffray Companies’ target price points to a potential upside of 12.54% from the stock’s previous close.
A number of other analysts have also issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $133.00 price target on shares of Medtronic in a report on Wednesday, August 28th. UBS Group boosted their price target on Medtronic from $112.00 to $122.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Cowen reiterated an “outperform” rating and issued a $111.00 price target (up previously from $99.00) on shares of Medtronic in a report on Wednesday, August 14th. Barclays boosted their price target on Medtronic from $110.00 to $117.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Morgan Stanley boosted their price target on Medtronic from $105.00 to $111.00 and gave the company an “equal weight” rating in a report on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $114.89.
Shares of NYSE MDT traded down $0.18 during trading hours on Tuesday, reaching $111.07. The stock had a trading volume of 7,065,005 shares, compared to its average volume of 5,072,193. The company has a current ratio of 2.67, a quick ratio of 2.20 and a debt-to-equity ratio of 0.49. The firm has a market cap of $150.35 billion, a price-to-earnings ratio of 21.28, a P/E/G ratio of 2.75 and a beta of 0.62. The business’s fifty day moving average price is $107.75 and its two-hundred day moving average price is $101.76. Medtronic has a 52-week low of $81.66 and a 52-week high of $114.46.
Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. The firm had revenue of $7.71 billion during the quarter, compared to analyst estimates of $7.66 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. Medtronic’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 earnings per share. Equities research analysts anticipate that Medtronic will post 5.56 earnings per share for the current fiscal year.
In other news, SVP Richard Kuntz sold 21,425 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $107.51, for a total transaction of $2,303,401.75. Following the transaction, the senior vice president now directly owns 78,916 shares of the company’s stock, valued at $8,484,259.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael J. Coyle sold 2,102 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $109.77, for a total value of $230,736.54. Following the transaction, the executive vice president now directly owns 189,162 shares in the company, valued at $20,764,312.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 158,569 shares of company stock valued at $17,130,869. 0.28% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Krane Funds Advisors LLC acquired a new position in shares of Medtronic during the second quarter worth $25,000. Private Ocean LLC increased its position in shares of Medtronic by 188.5% in the 3rd quarter. Private Ocean LLC now owns 225 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 147 shares during the period. River & Mercantile Asset Management LLP acquired a new position in shares of Medtronic in the 2nd quarter valued at $26,000. Lenox Wealth Advisors LLC increased its position in shares of Medtronic by 393.3% in the 3rd quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock valued at $32,000 after acquiring an additional 236 shares during the period. Finally, Redhawk Wealth Advisors Inc. acquired a new position in shares of Medtronic in the 2nd quarter valued at $34,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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