Medtronic (NYSE:MDT) Given New $99.00 Price Target at Citigroup

Medtronic (NYSE:MDT - Get Free Report) had its target price boosted by equities researchers at Citigroup from $98.00 to $99.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the medical technology company's stock. Citigroup's target price points to a potential upside of 11.09% from the company's previous close.

A number of other brokerages have also weighed in on MDT. Robert W. Baird decreased their price objective on Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Royal Bank Of Canada cut their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Evercore ISI upped their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday. Finally, Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.47.

Medtronic Trading Up 0.6%

MDT stock traded up $0.54 during mid-day trading on Wednesday, reaching $89.12. 4,642,261 shares of the stock traded hands, compared to its average volume of 7,778,729. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic has a one year low of $76.33 and a one year high of $96.25. The stock has a market capitalization of $114.30 billion, a PE ratio of 24.62, a PEG ratio of 2.37 and a beta of 0.80. The business has a 50-day moving average price of $85.45 and a two-hundred day moving average price of $86.69.

Medtronic (NYSE:MDT - Get Free Report) last released 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 analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. Equities research analysts expect that Medtronic will post 5.46 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. TCTC Holdings LLC increased its holdings in Medtronic by 3.4% during the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock worth $3,173,000 after purchasing an additional 1,301 shares in the last quarter. Brighton Jones LLC grew its holdings in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Oxford Asset Management LLP lifted its stake in Medtronic by 70.1% in the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock valued at $594,000 after purchasing an additional 3,068 shares during the last quarter. New Vernon Investment Management LLC lifted its position in shares of Medtronic by 304.9% during the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after acquiring an additional 22,300 shares in the last quarter. Finally, Insight Inv LLC raised its position in shares of Medtronic by 84.2% in the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock worth $2,467,000 after buying an additional 12,550 shares in the last quarter. 82.06% of the stock is 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.

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