Morgan Stanley Boosts Medtronic (NYSE:MDT) Price Target to $111.00

Medtronic (NYSE:MDT) had its price target raised by Morgan Stanley from $105.00 to $111.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. The firm currently has an equal weight rating on the medical technology company’s stock.

Several other analysts have also recently issued reports on MDT. Needham & Company LLC restated a buy rating on shares of Medtronic in a report on Tuesday, July 23rd. Northland Securities restated a hold rating and issued a $100.00 target price on shares of Medtronic in a report on Wednesday. ValuEngine cut Medtronic from a buy rating to a hold rating in a report on Thursday, August 1st. Wells Fargo & Co upped their target price on Medtronic from $110.00 to $120.00 and gave the company an outperform rating in a report on Wednesday. Finally, Cowen restated an outperform rating and issued a $111.00 target price (up from $99.00) on shares of Medtronic in a report on Wednesday, August 14th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Medtronic presently has an average rating of Buy and an average price target of $113.55.

Shares of NYSE:MDT opened at $106.05 on Wednesday. The company has a quick ratio of 2.15, a current ratio of 2.67 and a debt-to-equity ratio of 0.49. The business has a fifty day moving average of $101.64 and a two-hundred day moving average of $94.06. The stock has a market cap of $144.62 billion, a P/E ratio of 20.32, a PEG ratio of 2.65 and a beta of 0.67. Medtronic has a 52-week low of $81.66 and a 52-week high of $109.70.



Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.08. The company had revenue of $7.49 billion during the quarter, compared to analysts’ expectations of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.17 EPS. On average, equities analysts anticipate that Medtronic will post 5.56 earnings per share for the current year.

In other news, EVP Hooman Hakami sold 52,664 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the completion of the transaction, the executive vice president now directly owns 95,337 shares in the company, valued at approximately $9,294,404.13. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $100.31, for a total value of $401,240.00. Following the transaction, the senior vice president now owns 52,906 shares of the company’s stock, valued at $5,307,000.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,701 shares of company stock valued at $9,318,744. Company insiders own 0.28% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Folger Nolan Fleming Douglas Capital Management Inc. boosted its holdings in Medtronic by 2.1% during the 2nd quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 4,782 shares of the medical technology company’s stock valued at $466,000 after acquiring an additional 100 shares during the period. Pekin Hardy Strauss Inc. raised its position in Medtronic by 1.5% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 6,773 shares of the medical technology company’s stock valued at $660,000 after purchasing an additional 100 shares in the last quarter. Cornerstone Advisors Inc. raised its position in Medtronic by 8.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,621 shares of the medical technology company’s stock valued at $158,000 after purchasing an additional 122 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its position in Medtronic by 3.1% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,129 shares of the medical technology company’s stock valued at $376,000 after purchasing an additional 126 shares in the last quarter. Finally, Hanson & Doremus Investment Management raised its position in Medtronic by 0.9% in the 1st quarter. Hanson & Doremus Investment Management now owns 14,416 shares of the medical technology company’s stock valued at $1,313,000 after purchasing an additional 128 shares in the last quarter. Institutional investors own 80.62% of the company’s stock.

About Medtronic

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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Analyst Recommendations for Medtronic (NYSE:MDT)

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