Medtronic (NYSE:MDT) Shares Up 0.7% – What’s Next?

Medtronic plc (NYSE:MDT) shares shot up 0.7% during trading on Thursday . The company traded as high as $86.90 and last traded at $86.27. 5,106,486 shares were traded during mid-day trading, a decline of 19% from the average session volume of 6,284,553 shares. The stock had previously closed at $85.68.

Analyst Ratings Changes

Several research analysts have recently commented on MDT shares. Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday. Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Sanford C. Bernstein raised their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Evercore ISI upped their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Truist Financial raised their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. One investment 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 data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.27.

Medtronic Stock Performance

The business’s fifty day moving average is $88.81 and its two-hundred day moving average is $84.96. The stock has a market capitalization of $110.64 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 2.43 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate 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 net margin of 13.00% and a return on equity of 13.79%. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.25 earnings per share. As a group, research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Synovus Financial Corp raised its stake in shares of Medtronic by 1.2% in the third quarter. Synovus Financial Corp now owns 66,738 shares of the medical technology company’s stock valued at $6,008,000 after acquiring an additional 783 shares during the period. Wilmington Savings Fund Society FSB grew its stake in shares of Medtronic by 449.3% during the third quarter. Wilmington Savings Fund Society FSB now owns 73,373 shares of the medical technology company’s stock valued at $6,606,000 after buying an additional 60,016 shares during the last quarter. World Investment Advisors LLC lifted its stake in shares of Medtronic by 212.9% during the 3rd quarter. World Investment Advisors LLC now owns 126,314 shares of the medical technology company’s stock worth $11,372,000 after acquiring an additional 85,947 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Medtronic by 6.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 181,843 shares of the medical technology company’s stock worth $15,677,000 after acquiring an additional 11,651 shares during the last quarter. Finally, Boyar Asset Management Inc. grew its position in Medtronic by 8.0% in the 3rd quarter. Boyar Asset Management Inc. now owns 5,213 shares of the medical technology company’s stock valued at $469,000 after acquiring an additional 385 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

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.