Barclays Upgrades Medtronic (NYSE:MDT) to "Hold"

Key Points

• Barclays upgraded Medtronic to “Hold”, adding to a mixed analyst outlook. Despite the upgrade, consensus remains “Moderate Buy,” with 18 Buy ratings, 10 Holds, and an average price target of $102.92.
• Medtronic shares opened at $85.51, down 1.8%, with a market capitalization of approximately $109.4 billion. The stock remains below its 52-week high of $106.33.
• The company recently exceeded quarterly expectations, reporting $1.45 in adjusted EPS versus the $1.39 consensus and revenue of $9.76 billion versus estimates of $9.55 billion. Institutional investors own approximately 82.1% of the shares.

Medtronic (NYSE:MDT - Get Free Report) was upgraded by Barclays to a "hold" rating in a report issued on Wednesday, Zacks reports.

MDT has been the topic of several other research reports. Wells Fargo & Company increased their price target on shares of Medtronic from $102.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $118.00 price objective on shares of Medtronic in a research note on Wednesday, September 2nd. Truist Financial reissued a "hold" rating and set a $99.00 target price (up from $86.00) on shares of Medtronic in a research report on Wednesday, September 2nd. Piper Sandler restated a "neutral" rating on shares of Medtronic in a report on Monday, August 10th. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, October 3rd. Eighteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $102.92.

Medtronic Trading Down 1.8%

Shares of NYSE MDT opened at $85.51 on Wednesday. The stock has a market cap of $109.38 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 1.98 and a beta of 0.55. The business has a 50 day simple moving average of $90.18 and a 200 day simple moving average of $84.75. Medtronic has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.54 and a current ratio of 2.07.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.06. The firm had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The company's revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.26 earnings per share. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. On average, research analysts predict that Medtronic will post 5.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Kiil sold 1,483 shares of the business's stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $93.65, for a total transaction of $138,882.95. Following the completion of the transaction, the executive vice president owned 42,186 shares of the company's stock, valued at $3,950,718.90. The trade was a 3.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. BlackRock Inc. increased its position in Medtronic by 0.7% in the 2nd quarter. BlackRock Inc. now owns 114,020,787 shares of the medical technology company's stock worth $8,919,846,000 after buying an additional 838,220 shares during the period. State Street Corp grew its stake in shares of Medtronic by 2.0% in the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company's stock worth $5,966,780,000 after acquiring an additional 1,199,621 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Medtronic by 5.4% in the first quarter. Bank of America Corp DE now owns 26,015,003 shares of the medical technology company's stock worth $2,254,200,000 after acquiring an additional 1,343,220 shares during the last quarter. First Eagle Investment Management LLC increased its position in Medtronic by 37.2% during the second quarter. First Eagle Investment Management LLC now owns 13,783,983 shares of the medical technology company's stock worth $1,078,321,000 after acquiring an additional 3,739,288 shares during the period. Finally, WCM Investment Management LLC bought a new position in Medtronic during the first quarter worth $965,922,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic News Roundup

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Medtronic finalized an exchange ratio of 4.5939 MiniMed shares for each Medtronic ordinary share accepted in the split-off. The company will offer up to 225.4 million MiniMed shares and may exchange an additional 27.45 million shares if the offer is oversubscribed. The transaction could sharpen Medtronic’s focus on medical devices while giving shareholders direct exposure to MiniMed. Medtronic Announces Final Exchange Ratio
• Positive Sentiment: Medtronic appointed Felicia Kurz as vice president and general manager of its cardiac ablation business. The move comes as demand for its pulsed-field ablation products supports strong electrophysiology growth, reinforcing investor confidence in one of the company’s faster-growing businesses. Medtronic Names Felicia Kurz
• Positive Sentiment: The American Medical Association granted permanent Category I CPT codes for Medtronic’s Altaviva tibial neuromodulation implant and Symplicity Spyral renal denervation system. More established reimbursement may improve physician adoption and support future revenue growth. Medtronic CPT Code Win
• Neutral Sentiment: Medtronic’s FY2026 impact report said the company’s technologies served more than 82 million patients worldwide. The report highlights the company’s scale and social impact but offers limited immediate financial guidance. Medtronic FY2026 Impact Report
• Negative Sentiment: The MiniMed split-off creates near-term uncertainty over Medtronic’s share count, ownership structure and valuation. Investors may also be repositioning around the exchange ratio, contributing to elevated trading activity and pressure on MDT while the transaction is completed. Medtronic MiniMed Exchange Offer

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures devices, therapies and healthcare solutions for treating chronic and acute conditions. Its products are used in areas including cardiac and vascular care, neuroscience, medical and surgical procedures, and diabetes management.

The company's portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, stents and other cardiovascular products; neuromodulation systems, deep-brain stimulation devices and spinal technologies; surgical instruments, robotic-assisted surgery systems and gastrointestinal diagnostic tools; and insulin pumps and related diabetes technologies.

Medtronic traces its origins to 1949, when Earl Bakken and Palmer Hermundslie founded the company in Minneapolis, Minnesota.

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