The Goldman Sachs Group Upgrades Medtronic (NYSE:MDT) to Hold

Medtronic (NYSE:MDT) was upgraded by research analysts at The Goldman Sachs Group to a “hold” rating in a report released on Thursday,Zacks.com reports.

A number of other research firms also recently commented on MDT. Robert W. Baird boosted their price target on Medtronic from $92.00 to $93.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Jefferies Financial Group reissued a “hold” rating and set a $95.00 target price on shares of Medtronic in a research note on Thursday, April 23rd. UBS Group lowered their target price on Medtronic from $104.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, April 22nd. Truist Financial lowered their target price on Medtronic from $103.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, April 15th. Finally, Wall Street Zen downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Fifteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $106.45.

Medtronic Stock Up 0.7%

MDT stock opened at $78.66 on Thursday. The company has a market cap of $100.99 billion, a PE ratio of 21.91, a price-to-earnings-growth ratio of 1.86 and a beta of 0.62. The business has a 50-day simple moving average of $83.50 and a 200 day simple moving average of $93.15. Medtronic has a 52 week low of $74.40 and a 52 week high of $106.33. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 17th. The medical technology company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. The business had revenue of $9.02 billion during the quarter, compared to the consensus estimate of $8.89 billion. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.Medtronic’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.38 earnings per share. Sell-side analysts anticipate that Medtronic will post 5.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Medtronic by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after buying an additional 1,888,381 shares during the period. State Street Corp increased its stake in shares of Medtronic by 2.0% in the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after buying an additional 1,199,621 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Medtronic by 2.7% in the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after buying an additional 1,419,730 shares during the period. Capital Research Global Investors increased its stake in shares of Medtronic by 12.6% in the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after buying an additional 3,880,174 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Medtronic by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock valued at $2,665,832,000 after buying an additional 231,919 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).