Medtronic (NYSE:MDT) PT Raised to $122.00

Medtronic (NYSE:MDT) had its target price raised by analysts at Royal Bank of Canada to $122.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage currently has an “outperform” rating on the medical technology company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 9.17% from the stock’s previous close.

Several other research analysts also recently commented on MDT. ValuEngine downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Northland Securities reaffirmed a “hold” rating and issued a $100.00 target price on shares of Medtronic in a report on Wednesday, August 21st. Needham & Company LLC reiterated a “buy” rating and issued a $133.00 price target on shares of Medtronic in a research note on Wednesday, August 28th. Barclays boosted their price target on Medtronic from $110.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Oppenheimer upped their price objective on Medtronic from $118.00 to $123.00 in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $116.42.

MDT stock traded up $0.68 during mid-day trading on Wednesday, hitting $111.75. The stock had a trading volume of 4,103,859 shares, compared to its average volume of 3,596,792. The company has a current ratio of 2.67, a quick ratio of 2.20 and a debt-to-equity ratio of 0.49. Medtronic has a 52 week low of $81.66 and a 52 week high of $114.46. The firm has a market capitalization of $150.35 billion, a P/E ratio of 21.41, a P/E/G ratio of 2.75 and a beta of 0.62. The firm has a fifty day simple moving average of $107.83 and a 200 day simple moving average of $101.87.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.03. The company had revenue of $7.71 billion during the quarter, compared to the consensus estimate of $7.66 billion. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.22 EPS. As a group, equities analysts expect that Medtronic will post 5.56 earnings per share for the current fiscal year.

In other news, EVP Michael J. Coyle sold 2,102 shares of Medtronic stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $109.77, for a total transaction of $230,736.54. Following the sale, the executive vice president now directly owns 189,162 shares of the company’s stock, valued at $20,764,312.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard Kuntz sold 21,425 shares of Medtronic stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $107.51, for a total value of $2,303,401.75. Following the sale, the senior vice president now directly owns 78,916 shares in the company, valued at $8,484,259.16. The disclosure for this sale can be found here. Insiders have sold a total of 158,569 shares of company stock worth $17,130,869 in the last 90 days. 0.28% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Medtronic by 0.6% in the second quarter. Vanguard Group Inc. now owns 112,334,285 shares of the medical technology company’s stock worth $10,940,236,000 after purchasing an additional 640,083 shares during the last quarter. BlackRock Inc. grew its position in shares of Medtronic by 0.4% in the 2nd quarter. BlackRock Inc. now owns 107,191,111 shares of the medical technology company’s stock valued at $10,439,341,000 after buying an additional 413,027 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Medtronic by 2.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 22,211,176 shares of the medical technology company’s stock valued at $2,163,147,000 after buying an additional 516,915 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Medtronic by 9.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock valued at $1,412,142,000 after buying an additional 1,251,830 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Medtronic by 4.6% in the second quarter. Wells Fargo & Company MN now owns 14,350,496 shares of the medical technology company’s stock valued at $1,397,595,000 after buying an additional 635,871 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Medtronic Company Profile

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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