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

Medtronic plc (NYSE:MDT)’s share price rose 1.1% during mid-day trading 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 were traded during trading, a decline of 85% from the average daily volume of 6,264,984 shares. The stock had previously closed at $85.68.

A number of other equities research analysts have also recently issued reports on MDT. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Citigroup lifted their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Oppenheimer lifted their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Finally, Truist Financial increased their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $95.27.

Institutional Investors Weigh In On Medtronic

Institutional investors have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. lifted its stake in Medtronic by 27.8% in the first quarter. B. Riley Wealth Advisors Inc. now owns 40,468 shares of the medical technology company’s stock valued at $3,527,000 after buying an additional 8,792 shares during the period. Tidal Investments LLC raised its position in shares of Medtronic by 7.7% in the 1st quarter. Tidal Investments LLC now owns 72,529 shares of the medical technology company’s stock valued at $6,320,000 after acquiring an additional 5,201 shares during the period. Jaffetilchin Investment Partners LLC boosted its stake in Medtronic by 37.0% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 11,318 shares of the medical technology company’s stock worth $986,000 after acquiring an additional 3,056 shares during the last quarter. iA Global Asset Management Inc. acquired a new position in Medtronic during the first quarter valued at approximately $513,000. Finally, New Covenant Trust Company N.A. bought a new stake in Medtronic in the first quarter valued at approximately $117,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 1.1 %

The company’s fifty day simple moving average is $88.85 and its two-hundred day simple moving average is $84.95. The company has a market capitalization of $111.14 billion, a price-to-earnings ratio of 26.50, a price-to-earnings-growth ratio of 2.43 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the business posted $1.25 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. Research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal 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.