Morgan Stanley Boosts Medtronic (NYSE:MDT) Price Target to $111.00

Medtronic (NYSE:MDT) had its price objective increased by Morgan Stanley from $105.00 to $111.00 in a report issued on Wednesday morning, BenzingaRatingsTable reports. They currently have an equal weight rating on the medical technology company’s stock.

MDT has been the topic of a number of other research reports. Zacks Investment Research upgraded Medtronic from a sell rating to a hold rating in a research note on Monday, May 20th. Royal Bank of Canada set a $110.00 target price on Medtronic and gave the company a buy rating in a research report on Friday, August 16th. Barclays upped their target price on Medtronic from $104.00 to $110.00 and gave the company an overweight rating in a research report on Thursday, July 11th. Raymond James upped their target price on Medtronic from $105.00 to $118.00 and gave the company an outperform rating in a research report on Wednesday. Finally, ValuEngine lowered Medtronic from a buy rating to a hold rating in a research report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $113.55.

Shares of MDT stock opened at $106.05 on Wednesday. Medtronic has a fifty-two week low of $81.66 and a fifty-two week high of $109.70. The firm has a market capitalization of $144.62 billion, a price-to-earnings ratio of 20.32, a PEG ratio of 2.65 and a beta of 0.67. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.67. The stock’s 50-day simple moving average is $101.64 and its 200-day simple moving average is $94.06.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.08. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The business had revenue of $7.49 billion for the quarter, compared to analyst estimates of $7.40 billion. During the same quarter in the previous year, the firm earned $1.17 earnings per share. The company’s revenue was up 1.5% on a year-over-year basis. As a group, equities analysts forecast that Medtronic will post 5.56 earnings per share for the current year.

In other Medtronic news, EVP Hoedt Rob Ten sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $91.88, for a total value of $826,920.00. Following the completion of the transaction, the executive vice president now directly owns 58,785 shares of the company’s stock, valued at $5,401,165.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Bradley E. Lerman sold 6,599 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $102.02, for a total value of $673,229.98. Following the completion of the transaction, the senior vice president now directly owns 105,960 shares of the company’s stock, valued at $10,810,039.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,701 shares of company stock worth $9,318,744. 0.28% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Medtronic by 0.6% in the second quarter. Vanguard Group Inc. now owns 112,334,285 shares of the medical technology company’s stock valued at $10,940,236,000 after acquiring an additional 640,083 shares during the period. BlackRock Inc. lifted its holdings in Medtronic by 0.4% in the second quarter. BlackRock Inc. now owns 107,191,111 shares of the medical technology company’s stock valued at $10,439,341,000 after acquiring an additional 413,027 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Medtronic by 2.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 22,211,176 shares of the medical technology company’s stock valued at $2,163,147,000 after acquiring an additional 516,915 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Medtronic by 9.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock valued at $1,412,142,000 after acquiring an additional 1,251,830 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Medtronic by 4.6% in the second quarter. Wells Fargo & Company MN now owns 14,350,496 shares of the medical technology company’s stock valued at $1,397,595,000 after acquiring an additional 635,871 shares during the period. 80.62% of the stock is owned by institutional investors.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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