Medtronic (MDT) Given New $104.00 Price Target at Raymond James

Medtronic (NYSE:MDT) had its price target decreased by Raymond James from $105.00 to $104.00 in a report published on Wednesday. Raymond James currently has an outperform rating on the medical technology company’s stock.

Several other equities analysts have also recently commented on MDT. Zacks Investment Research cut shares of Medtronic from a hold rating to a sell rating in a research report on Tuesday, August 7th. Needham & Company LLC raised shares of Medtronic from a buy rating to a strong-buy rating and raised their price target for the company from $103.00 to $119.00 in a research report on Monday, August 13th. Oppenheimer reissued a buy rating and issued a $104.00 price target on shares of Medtronic in a research report on Tuesday, August 21st. Stifel Nicolaus raised their price target on shares of Medtronic from $87.00 to $96.00 and gave the company a hold rating in a research report on Wednesday, August 22nd. Finally, Morgan Stanley raised their price target on shares of Medtronic from $95.00 to $105.00 and gave the company an equal weight rating in a research report on Wednesday, August 22nd. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Medtronic presently has a consensus rating of Buy and an average price target of $104.47.

Shares of MDT stock opened at $92.01 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.56 and a quick ratio of 2.06. Medtronic has a 52 week low of $76.41 and a 52 week high of $100.15. The company has a market capitalization of $124.26 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 2.44 and a beta of 0.94.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 20th. The medical technology company reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.07. Medtronic had a net margin of 7.44% and a return on equity of 13.51%. The company had revenue of $7.48 billion during the quarter, compared to analysts’ expectations of $7.35 billion. During the same quarter last year, the company posted $1.07 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts forecast that Medtronic will post 5.13 EPS for the current fiscal year.

In other news, EVP Hooman Hakami sold 26,159 shares of the firm’s stock in a transaction on Friday, August 31st. The shares were sold at an average price of $96.29, for a total value of $2,518,850.11. Following the sale, the executive vice president now directly owns 63,046 shares in the company, valued at approximately $6,070,699.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Geoffrey Martha sold 49,799 shares of the firm’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $97.93, for a total transaction of $4,876,816.07. Following the completion of the sale, the executive vice president now owns 87,872 shares in the company, valued at $8,605,304.96. The disclosure for this sale can be found here. Insiders sold a total of 123,134 shares of company stock worth $11,918,901 over the last 90 days. Company insiders own 0.28% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Medtronic by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 109,447,687 shares of the medical technology company’s stock worth $10,766,369,000 after acquiring an additional 1,199,118 shares in the last quarter. BlackRock Inc. raised its stake in Medtronic by 2.1% during the 2nd quarter. BlackRock Inc. now owns 97,867,667 shares of the medical technology company’s stock worth $8,378,448,000 after acquiring an additional 1,966,789 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in Medtronic by 4.2% during the 2nd quarter. Artisan Partners Limited Partnership now owns 23,443,933 shares of the medical technology company’s stock worth $2,007,035,000 after acquiring an additional 939,892 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Medtronic by 89,912.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 17,012,355 shares of the medical technology company’s stock worth $1,673,505,000 after acquiring an additional 16,993,455 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Medtronic by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,884,401 shares of the medical technology company’s stock worth $760,649,000 after acquiring an additional 394,973 shares in the last quarter. Institutional investors and hedge funds own 79.56% 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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