Evercore ISI Forecasts Strong Price Appreciation for Medtronic (NYSE:MDT) Stock

Medtronic (NYSE:MDT) had its price target lifted by stock analysts at Evercore ISI from $103.00 to $106.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the medical technology company’s stock. Evercore ISI’s price objective suggests a potential upside of 19.55% from the company’s current price.

Several other equities research analysts have also commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They set an “outperform” rating and a $110.00 target price for the company. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. Finally, Mizuho decreased their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and a consensus target price of $98.00.

Medtronic Stock Up 1.1%

MDT stock opened at $88.67 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic has a one year low of $75.96 and a one year high of $96.25. The firm has a market cap of $113.72 billion, a PE ratio of 24.50, a P/E/G ratio of 2.39 and a beta of 0.80. The firm’s fifty day moving average is $85.37 and its 200 day moving average is $86.68.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. Medtronic’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. On average, research analysts forecast that Medtronic will post 5.46 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Medtronic by 0.7% in the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company’s stock worth $11,233,780,000 after purchasing an additional 810,854 shares during the last quarter. Capital Research Global Investors lifted its stake in Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC raised its stake in Medtronic by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock valued at $2,155,085,000 after purchasing an additional 574,055 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company’s stock valued at $2,001,903,000 after purchasing an additional 1,461,841 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Medtronic by 3.8% in the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company’s stock worth $1,858,332,000 after purchasing an additional 756,192 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Company Profile

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.