Medtronic (NYSE:MDT) Trading Up 0.7% – Here’s Why

Shares of Medtronic plc (NYSE:MDT) rose 0.7% during trading on Thursday . The company traded as high as $86.90 and last traded at $86.27. Approximately 5,106,486 shares traded hands during trading, a decline of 19% from the average daily volume of 6,284,553 shares. The stock had previously closed at $85.68.

Wall Street Analyst Weigh In

MDT has been the subject of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company cut their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Finally, Piper Sandler lifted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.27.

Medtronic Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a market cap of $110.64 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 2.43 and a beta of 0.84. The stock has a 50-day simple moving average of $88.81 and a two-hundred day simple moving average of $84.96.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the previous year, the company earned $1.25 earnings per share. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Hedge Funds Weigh In On Medtronic

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp boosted its position in Medtronic by 0.9% in the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after purchasing an additional 520,027 shares during the last quarter. Pzena Investment Management LLC lifted its stake in shares of Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after purchasing an additional 275,870 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after buying an additional 5,975,110 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares during the period. Finally, Raymond James & Associates increased its holdings in Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after buying an additional 145,504 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

About Medtronic

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.