Medtronic (NYSE:MDT) Earns “Buy” Rating from BTIG Research

Medtronic (NYSE:MDT)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $91.00 price target on the medical technology company’s stock. BTIG Research’s price objective would indicate a potential downside of 1.74% from the stock’s previous close.

A number of other research analysts have also weighed in on MDT. Leerink Partners decreased their target price on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating on the stock in a research note on Thursday, June 4th. Truist Financial dropped their price target on Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research report on Thursday, June 4th. Needham & Company LLC restated a “buy” rating and issued a $101.00 price target on shares of Medtronic in a research report on Wednesday, June 17th. Weiss Ratings cut Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Finally, Sanford C. Bernstein reduced their price objective on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research report on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $98.83.

Medtronic Price Performance

Shares of NYSE MDT traded up $2.01 during mid-day trading on Tuesday, reaching $92.61. The company’s stock had a trading volume of 646,143 shares, compared to its average volume of 8,898,451. The stock has a 50-day moving average of $83.40 and a two-hundred day moving average of $86.19. The stock has a market capitalization of $118.55 billion, a P/E ratio of 24.82, a P/E/G ratio of 2.45 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. Medtronic has a 1-year low of $73.31 and a 1-year high of $106.33.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.01. The firm had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts anticipate that Medtronic will post 5.94 EPS for the current fiscal year.

Insider Activity

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Medtronic in the fourth quarter valued at $1,653,485,000. WCM Investment Management LLC acquired a new position in shares of Medtronic in the 1st quarter valued at $965,922,000. Capital Research Global Investors grew its holdings in shares of Medtronic by 12.6% during the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after purchasing an additional 3,880,174 shares during the period. Wellington Management Group LLP grew its holdings in shares of Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after purchasing an additional 2,658,981 shares during the period. Finally, Cullen Capital Management LLC acquired a new stake in shares of Medtronic during the 2nd quarter worth about $202,764,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).