Medtronic (NYSE:MDT) Price Target Lowered to $96.00 at JPMorgan Chase & Co.

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

A number of other research analysts have also commented on MDT. Wells Fargo & Company upped their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Truist Financial increased their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One equities research 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 company. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.80.

Medtronic Stock Performance

Shares of Medtronic stock traded up $1.53 during trading on Friday, hitting $87.53. 7,952,317 shares of the stock were exchanged, compared to its average volume of 6,225,400. Medtronic has a 1-year low of $74.20 and a 1-year high of $92.68. The stock has a market capitalization of $112.25 billion, a price-to-earnings ratio of 29.57, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84. The company has a fifty day moving average price of $89.48 and a 200-day moving average price of $84.71. The company has a current ratio of 2.13, a quick ratio of 1.61 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 firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities analysts predict that Medtronic will post 5.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic during the third quarter worth $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic in the 2nd quarter valued at $28,000. Finally, J. Stern & Co. LLP bought a new position in shares of Medtronic in the 3rd quarter valued at $30,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.