Medtronic (NYSE:MDT) PT Raised to $105.00 at Morgan Stanley

Medtronic (NYSE:MDT) had its target price hoisted by stock analysts at Morgan Stanley from $100.00 to $105.00 in a research note issued to investors on Wednesday, AnalystRatings.com reports. The brokerage presently has an “equal weight” rating on the medical technology company’s stock. Morgan Stanley’s price target would suggest a potential upside of 3.44% from the stock’s current price.

MDT has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Royal Bank of Canada reduced their price target on shares of Medtronic to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. Cowen restated an “outperform” rating and issued a $111.00 price target (up from $99.00) on shares of Medtronic in a research report on Wednesday. UBS Group boosted their price target on shares of Medtronic to $112.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Finally, Needham & Company LLC restated a “buy” rating on shares of Medtronic in a research report on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Medtronic has a consensus rating of “Buy” and a consensus price target of $106.41.

NYSE:MDT traded up $0.51 on Wednesday, reaching $101.51. The stock had a trading volume of 1,194,948 shares, compared to its average volume of 5,413,162. The firm has a market cap of $136.96 billion, a P/E ratio of 19.45, a P/E/G ratio of 2.60 and a beta of 0.67. Medtronic has a 1-year low of $81.66 and a 1-year high of $103.95. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 2.15. The stock’s fifty day simple moving average is $100.33.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.54 EPS for the quarter, beating the Zacks’ consensus estimate of $1.47 by $0.07. The firm had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.12 billion. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.42 earnings per share. As a group, equities analysts anticipate that Medtronic will post 5.48 EPS for the current year.

In other Medtronic news, Director Richard H. Anderson acquired 10,900 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average cost of $92.40 per share, for a total transaction of $1,007,160.00. Following the completion of the acquisition, the director now directly owns 89,912 shares of the company’s stock, valued at approximately $8,307,868.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Geoffrey Martha sold 11,000 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $96.05, for a total transaction of $1,056,550.00. The disclosure for this sale can be found here. Insiders sold 95,701 shares of company stock worth $9,318,744 over the last 90 days. 0.28% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Krane Funds Advisors LLC bought a new stake in Medtronic in the second quarter valued at approximately $25,000. Redhawk Wealth Advisors Inc. bought a new stake in Medtronic in the second quarter valued at approximately $34,000. Spectrum Management Group Inc. increased its stake in Medtronic by 353.8% in the first quarter. Spectrum Management Group Inc. now owns 413 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 322 shares in the last quarter. Mackey Komara & Dankovich LLC bought a new stake in Medtronic in the first quarter valued at approximately $38,000. Finally, Rocky Mountain Advisers LLC increased its stake in Medtronic by 100.0% in the second quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 80.65% 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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Analyst Recommendations for Medtronic (NYSE:MDT)

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