Medtronic (NYSE:MDT) Given New $93.00 Price Target at Truist Financial

Medtronic (NYSE:MDT) had its price target upped by equities research analysts at Truist Financial from $90.00 to $93.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “hold” rating on the medical technology company’s stock. Truist Financial’s price target would suggest a potential upside of 3.89% from the stock’s current price.

Other analysts also recently issued reports about the company. Wells Fargo & Company increased their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Robert W. Baird increased their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Citigroup increased their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

Shares of NYSE:MDT traded up $0.16 during trading on Monday, hitting $89.52. 502,183 shares of the company were exchanged, compared to its average volume of 6,260,301. The company has a market capitalization of $114.79 billion, a P/E ratio of 32.46, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. Medtronic has a 1-year low of $68.84 and a 1-year high of $91.49. The business’s 50 day moving average is $87.54 and its 200-day moving average is $83.44. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share 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 quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. Equities analysts forecast that Medtronic will post 5.44 earnings per share for the current year.

Hedge Funds Weigh In On Medtronic

Hedge funds have recently modified their holdings of the company. M&G Plc purchased a new position in Medtronic in the 1st quarter valued at approximately $259,160,000. Capital Research Global Investors grew its stake in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares in the last quarter. Troy Asset Management Ltd purchased a new position in Medtronic in the 2nd quarter valued at approximately $85,440,000. Finally, 1832 Asset Management L.P. grew its stake in Medtronic by 26.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock valued at $386,908,000 after buying an additional 1,041,863 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

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.