Sanford C. Bernstein Issues Positive Forecast for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its price objective hoisted by Sanford C. Bernstein from $96.00 to $97.00 in a research note released on Wednesday morning,Benzinga reports. Sanford C. Bernstein currently has an outperform rating on the medical technology company’s stock.

A number of other research firms have also recently weighed in on MDT. Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Robert W. Baird decreased their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday. Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Monday, November 18th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Trading Up 1.7 %

NYSE:MDT opened at $86.21 on Wednesday. Medtronic has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84. The stock has a fifty day moving average price of $88.99 and a two-hundred day moving average price of $84.87. The stock has a market capitalization of $110.56 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 2.42 and a beta of 0.84.

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, beating 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 business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the firm posted $1.25 EPS. The business’s revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic will post 5.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently made changes to their positions in the business. Lake Street Advisors Group LLC acquired a new position in shares of Medtronic during the 1st quarter valued at about $498,000. CreativeOne Wealth LLC raised its stake in Medtronic by 31.3% during the first quarter. CreativeOne Wealth LLC now owns 5,456 shares of the medical technology company’s stock worth $475,000 after purchasing an additional 1,300 shares during the period. Freestone Capital Holdings LLC boosted its holdings in shares of Medtronic by 3.0% in the 1st quarter. Freestone Capital Holdings LLC now owns 24,350 shares of the medical technology company’s stock valued at $2,122,000 after purchasing an additional 708 shares during the last quarter. Axxcess Wealth Management LLC grew its stake in shares of Medtronic by 8.7% during the 1st quarter. Axxcess Wealth Management LLC now owns 27,536 shares of the medical technology company’s stock valued at $2,400,000 after buying an additional 2,194 shares during the period. Finally, Envoi LLC acquired a new stake in shares of Medtronic during the 1st quarter worth $26,145,000. Institutional investors and hedge funds 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.