Barclays Increases Medtronic (NYSE:MDT) Price Target to $117.00

Medtronic (NYSE:MDT) had its price target hoisted by Barclays from $110.00 to $117.00 in a report published on Wednesday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the medical technology company’s stock.

A number of other equities analysts have also recently weighed in on the company. Oppenheimer set a $110.00 price target on Medtronic and gave the stock a buy rating in a report on Monday, July 15th. Stifel Nicolaus boosted their price target on Medtronic from $95.00 to $112.00 and gave the stock a hold rating in a report on Wednesday. Wells Fargo & Co boosted their price target on Medtronic from $110.00 to $120.00 and gave the stock an outperform rating in a report on Wednesday. UBS Group boosted their price target on Medtronic from $112.00 to $122.00 and gave the stock a buy rating in a report on Wednesday. Finally, Cowen reissued an outperform rating and issued a $111.00 price target (up from $99.00) on shares of Medtronic in a report on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Medtronic currently has an average rating of Buy and an average price target of $113.55.

NYSE MDT opened at $106.05 on Wednesday. Medtronic has a fifty-two week low of $81.66 and a fifty-two week high of $109.70. The stock has a market cap of $144.62 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 2.65 and a beta of 0.67. The business has a fifty day moving average of $101.64 and a 200-day moving average of $94.06. The company has a quick ratio of 2.15, a current ratio of 2.67 and a debt-to-equity ratio of 0.49.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The company had revenue of $7.49 billion during the quarter, compared to analysts’ expectations of $7.40 billion. During the same period in the previous year, the firm posted $1.17 earnings per share. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, analysts anticipate that Medtronic will post 5.56 EPS for the current year.

In related news, SVP Bradley E. Lerman sold 6,599 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $102.02, for a total value of $673,229.98. Following the completion of the transaction, the senior vice president now directly owns 105,960 shares in the company, valued at $10,810,039.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Hoedt Rob Ten sold 9,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $91.88, for a total value of $826,920.00. Following the completion of the transaction, the executive vice president now owns 58,785 shares of the company’s stock, valued at $5,401,165.80. The disclosure for this sale can be found here. Insiders sold 95,701 shares of company stock valued at $9,318,744 over the last quarter. Insiders own 0.28% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in MDT. Vanguard Group Inc. grew its position in Medtronic by 0.6% during the second quarter. Vanguard Group Inc. now owns 112,334,285 shares of the medical technology company’s stock valued at $10,940,236,000 after acquiring an additional 640,083 shares during the period. BlackRock Inc. grew its position in Medtronic by 0.4% during the second quarter. BlackRock Inc. now owns 107,191,111 shares of the medical technology company’s stock valued at $10,439,341,000 after acquiring an additional 413,027 shares during the period. Price T Rowe Associates Inc. MD grew its position in Medtronic by 2.4% during the second 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 acquiring an additional 516,915 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its position in Medtronic by 9.4% during 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 acquiring an additional 1,251,830 shares during the period. Finally, Wells Fargo & Company MN grew its position in Medtronic by 4.6% during 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 acquiring an additional 635,871 shares during the period. Hedge funds and other 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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