Medtronic (NYSE:MDT) Stock Price Expected to Rise, Evercore ISI Analyst Says

Medtronic (NYSE:MDT - Get Free Report) had its price objective boosted by investment analysts at Evercore ISI from $103.00 to $106.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the medical technology company's stock. Evercore ISI's price objective points to a potential upside of 18.94% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on the stock. Robert W. Baird decreased their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Royal Bank Of Canada decreased their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Finally, Truist Financial dropped their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $97.47.

Medtronic Stock Up 0.6%

NYSE MDT traded up $0.54 on Tuesday, reaching $89.12. The stock had a trading volume of 4,673,089 shares, compared to its average volume of 6,992,860. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic has a 1 year low of $76.33 and a 1 year high of $96.25. The business has a 50 day moving average price of $85.45 and a 200 day moving average price of $86.69. The company has a market capitalization of $114.30 billion, a price-to-earnings ratio of 24.62, a P/E/G ratio of 2.39 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 EPS. On average, analysts forecast that Medtronic will post 5.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Medtronic

Institutional investors have recently bought and sold shares of the business. Brighton Jones LLC lifted its stake in Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after purchasing an additional 37,265 shares during the period. Proficio Capital Partners LLC bought a new position in shares of Medtronic during the 4th quarter worth approximately $13,132,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Medtronic by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 429,310 shares of the medical technology company's stock worth $34,293,000 after buying an additional 9,395 shares during the period. Daiwa Securities Group Inc. boosted its stake in Medtronic by 10.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 177,192 shares of the medical technology company's stock valued at $14,154,000 after buying an additional 16,482 shares in the last quarter. Finally, Independent Advisor Alliance grew its position in Medtronic by 25.3% in the fourth quarter. Independent Advisor Alliance now owns 54,907 shares of the medical technology company's stock valued at $4,386,000 after acquiring an additional 11,075 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

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.