Citigroup Boosts Medtronic (NYSE:MDT) Price Target to $92.00

Medtronic (NYSE:MDT) had its price target hoisted by research analysts at Citigroup from $85.00 to $92.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the medical technology company’s stock. Citigroup’s target price points to a potential upside of 3.25% from the stock’s current price.

MDT has been the topic of several other research reports. Evercore ISI increased their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday. Truist Financial raised their target price on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $94.21.

Medtronic Price Performance

NYSE:MDT opened at $89.10 on Tuesday. The firm’s 50-day simple moving average is $86.39 and its 200 day simple moving average is $83.23. The firm has a market cap of $114.25 billion, a price-to-earnings ratio of 32.40, a P/E/G ratio of 2.56 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic has a 52 week low of $68.84 and a 52 week high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. As a group, sell-side analysts predict that Medtronic will post 5.46 earnings per share for the current year.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Research Global Investors grew its stake in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC grew its position in shares of Medtronic by 8.3% in the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after buying an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Medtronic by 7.8% in 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. Longview Partners Guernsey LTD raised its position in shares of Medtronic by 2.3% during the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after acquiring an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in shares of Medtronic by 5.7% in the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock worth $491,651,000 after acquiring an additional 336,618 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.