JPMorgan Chase & Co. Issues Pessimistic Forecast for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its price target decreased by JPMorgan Chase & Co. from $99.00 to $96.00 in a research report released on Friday. JPMorgan Chase & Co. currently has a neutral rating on the medical technology company’s stock.

MDT has been the topic of a number of other research reports. Truist Financial lifted 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. Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $95.80.

Medtronic Trading Up 1.8 %

Medtronic stock traded up $1.53 during trading hours on Friday, hitting $87.53. The stock had a trading volume of 7,952,317 shares, compared to its average volume of 6,225,400. The business’s 50 day simple moving average is $89.48 and its 200-day simple moving average is $84.71. Medtronic has a one year low of $74.20 and a one year high of $92.68. The stock has a market cap of $112.25 billion, a price-to-earnings ratio of 29.57, a P/E/G ratio of 2.51 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the firm posted $1.20 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. On average, equities analysts predict that Medtronic will post 5.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Medtronic

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nwam LLC grew its holdings in shares of Medtronic by 3.2% during the first quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock valued at $371,000 after buying an additional 141 shares during the last quarter. Pinnacle Wealth Planning Services Inc. increased its holdings in Medtronic by 3.4% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,118 shares of the medical technology company’s stock worth $359,000 after purchasing an additional 137 shares in the last quarter. Nicolet Advisory Services LLC bought a new stake in Medtronic during the 1st quarter worth approximately $247,000. TIAA Trust National Association raised its stake in shares of Medtronic by 16.1% in the first quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock worth $704,000 after purchasing an additional 1,119 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Medtronic in the first quarter valued at approximately $1,616,000. Institutional investors 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.