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

Medtronic logo with Medical background

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.

Read Our Latest Report on Medtronic

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

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Medtronic (NYSE:MDT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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