Needham & Company LLC Raises Medtronic (NYSE:MDT) Price Target to $114.00

Key Points

• Needham & Company raised Medtronic’s price target from $101 to $114 and maintained a “buy” rating, implying approximately 23.7% upside from the stock’s reported $92.16 price.
• Analyst sentiment remains positive overall, with 18 buy ratings and nine holds; MarketBeat reports a consensus rating of “Moderate Buy” and an average price target of $99.38.
• Medtronic slightly exceeded quarterly expectations, reporting $1.55 in EPS versus the $1.54 estimate and $9.81 billion in revenue, up 9.9% year over year. An executive subsequently sold 4,189 shares, while institutional investors own 82.06% of the company.

Medtronic (NYSE:MDT - Get Free Report) had its target price upped by research analysts at Needham & Company LLC from $101.00 to $114.00 in a research note issued on Thursday. The firm presently has a "buy" rating on the medical technology company's stock. Needham & Company LLC's price objective would indicate a potential upside of 23.70% from the stock's current price.

MDT has been the subject of several other research reports. Mizuho lowered their price target on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, June 3rd. Robert W. Baird cut their price objective on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. Weiss Ratings reissued a "hold (c)" rating on shares of Medtronic in a research report on Tuesday, August 18th. Finally, Rothschild & Co Redburn cut their price target on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research note on Friday, June 5th. Eighteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $99.38.

Medtronic Trading Up 1.1%

NYSE MDT opened at $92.16 on Thursday. Medtronic has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a 50 day moving average price of $85.12 and a 200 day moving average price of $85.72. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The firm has a market cap of $117.96 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 2.44 and a beta of 0.55.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the company earned $1.62 earnings per share. The business's revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, sell-side analysts forecast that Medtronic will post 5.94 EPS for the current fiscal year.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently modified their holdings of the stock. Anfield Capital Management LLC lifted its holdings in Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 230 shares during the period. Monetary Solutions Ltd purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $27,000. Acumen Wealth Advisors LLC purchased a new position in shares of Medtronic during the 4th quarter valued at approximately $29,000. IAG Wealth Partners LLC acquired a new position in shares of Medtronic in the 2nd quarter valued at $30,000. Finally, Imprint Wealth LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Company Profile

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).

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