Medtronic (NYSE:MDT) Shares Up 0.5% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) rose 0.5% on Friday . The company traded as high as $85.46 and last traded at $85.13. Approximately 721,557 shares changed hands during trading, a decline of 88% from the average daily volume of 6,247,545 shares. The stock had previously closed at $84.74.

Analyst Upgrades and Downgrades

MDT has been the subject of several research analyst reports. Wells Fargo & Company decreased their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday. Truist Financial raised their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Oppenheimer raised their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Finally, JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 1.7 %

The firm has a market cap of $110.56 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 2.40 and a beta of 0.84. The company has a 50-day simple moving average of $88.99 and a 200 day simple moving average of $84.89. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the firm posted $1.25 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Medtronic

Institutional investors have recently modified their holdings of the business. Fortitude Family Office LLC purchased a new position in Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic during the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic in the 3rd quarter valued at $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic in the 3rd quarter worth $30,000. Finally, Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth $28,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.