Sanford C. Bernstein Increases Medtronic (NYSE:MDT) Price Target to $97.00

Medtronic (NYSE:MDT) had its price target boosted by Sanford C. Bernstein from $96.00 to $97.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the medical technology company’s stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 15.68% from the stock’s previous close.

A number of other research firms have also recently commented on MDT. Truist Financial boosted their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $95.19.

Medtronic Stock Down 1.4 %

NYSE MDT traded down $1.15 during trading hours on Wednesday, hitting $83.85. The company had a trading volume of 2,466,530 shares, compared to its average volume of 6,252,662. The firm’s 50 day moving average is $89.30 and its 200 day moving average is $84.84. The company has a market capitalization of $107.54 billion, a price-to-earnings ratio of 28.33, a P/E/G ratio of 2.50 and a beta of 0.84. Medtronic has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 earnings per share. Sell-side analysts anticipate that Medtronic will post 5.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently added to or reduced their stakes in MDT. Olstein Capital Management L.P. grew its position in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Medtronic during the second quarter valued at approximately $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new stake in shares of Medtronic during the 3rd quarter worth approximately $9,486,000. Harvest Portfolios Group Inc. lifted its holdings in shares of Medtronic by 6.5% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock worth $62,042,000 after purchasing an additional 42,112 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after purchasing an additional 21,995 shares during the period. Institutional investors and hedge funds 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.