Medtronic (NYSE:MDT) Stock Price Up 0.5% – Should You Buy?

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

Analyst Ratings Changes

A number of research firms have weighed in on MDT. Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Wells Fargo & Company cut their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Truist Financial raised their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $95.00.

Medtronic Trading Up 1.7 %

The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market capitalization 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 stock’s 50 day moving average is $88.99 and its two-hundred day moving average is $84.89.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $1.25 earnings per share. As a group, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Medtronic

A number of hedge funds have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Medtronic by 65.0% during the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after acquiring an additional 1,790,483 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Medtronic by 58.4% in the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after acquiring an additional 1,420,263 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Medtronic by 8,908.6% in the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

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.