BMO Capital Markets Increases Medtronic (NYSE:MDT) Price Target to $118.00

Medtronic (NYSE:MDT) had its price target boosted by research analysts at BMO Capital Markets from $107.00 to $118.00 in a note issued to investors on Wednesday, MarketBeat reports. The brokerage presently has an “outperform” rating on the medical technology company’s stock. BMO Capital Markets’ target price suggests a potential upside of 9.43% from the stock’s previous close.

MDT has been the subject of a number of other research reports. Stifel Nicolaus increased their target price on shares of Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research report on Wednesday. Barclays raised their price objective on shares of Medtronic from $110.00 to $117.00 and gave the company an “overweight” rating in a research report on Wednesday. Northland Securities restated a “hold” rating and set a $100.00 price objective on shares of Medtronic in a research report on Wednesday. Royal Bank of Canada set a $110.00 price objective on shares of Medtronic and gave the company a “buy” rating in a research report on Friday, August 16th. Finally, BTIG Research raised their price objective on shares of Medtronic to $120.00 and gave the company a “buy” rating in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $113.38.

Shares of MDT opened at $107.83 on Wednesday. The firm has a 50-day moving average price of $101.49 and a 200 day moving average price of $93.96. The firm has a market capitalization of $143.38 billion, a PE ratio of 20.13, a P/E/G ratio of 2.69 and a beta of 0.67. 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 has a 52-week low of $81.66 and a 52-week high of $109.70.

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

In other Medtronic news, EVP Hooman Hakami sold 52,664 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the completion of the sale, the executive vice president now directly owns 95,337 shares of the company’s stock, valued at $9,294,404.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Bradley E. Lerman sold 6,599 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $102.02, for a total transaction of $673,229.98. Following the sale, the senior vice president now directly owns 105,960 shares of the company’s stock, valued at $10,810,039.20. The disclosure for this sale can be found here. Insiders have sold 95,701 shares of company stock valued at $9,318,744 over the last ninety days. Insiders own 0.28% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Comerica Securities Inc. raised its position in shares of Medtronic by 3.8% during the 4th quarter. Comerica Securities Inc. now owns 13,521 shares of the medical technology company’s stock worth $1,237,000 after purchasing an additional 491 shares during the last quarter. Cozad Asset Management Inc. raised its holdings in Medtronic by 4.6% in the 1st quarter. Cozad Asset Management Inc. now owns 3,119 shares of the medical technology company’s stock valued at $284,000 after acquiring an additional 137 shares during the last quarter. Brookstone Capital Management acquired a new stake in Medtronic in the 1st quarter valued at about $223,000. Sage Rhino Capital LLC acquired a new stake in Medtronic in the 1st quarter valued at about $267,000. Finally, Saratoga Research & Investment Management raised its holdings in Medtronic by 0.5% in the 1st quarter. Saratoga Research & Investment Management now owns 388,536 shares of the medical technology company’s stock valued at $35,388,000 after acquiring an additional 2,079 shares during the last quarter. 80.62% of the stock is owned by institutional investors.

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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