Medtronic (NYSE:MDT) Price Target Raised to $103.00 at Truist Financial

Key Points

• Truist Financial has raised Medtronic's stock price target from $96.00 to $103.00, indicating a potential upside of 8.24% from the previous close, while maintaining a "hold" rating.
• Medtronic reported $1.26 EPS for its last quarter, surpassing the consensus estimate by $0.03, with revenues increasing by 7.7% year-over-year to $8.58 billion.
• A significant insider transaction occurred when Director William R. Jellison purchased 2,500 shares at an average cost of $92.37 each, reflecting confidence in the company's prospects.

Medtronic (NYSE:MDT - Get Free Report) had its target price increased by research analysts at Truist Financial from $96.00 to $103.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the medical technology company's stock. Truist Financial's price target points to a potential upside of 8.24% from the company's previous close.

A number of other brokerages also recently weighed in on MDT. Robert W. Baird upped their price objective on shares of Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Stifel Nicolaus upped their price target on shares of Medtronic from $90.00 to $105.00 and gave the stock a "hold" rating in a research report on Thursday, October 9th. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Daiwa Capital Markets upped their price objective on shares of Medtronic from $101.00 to $104.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Finally, Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $102.82.

Medtronic Stock Performance

NYSE:MDT traded down $1.38 during mid-day trading on Wednesday, hitting $95.16. The company's stock had a trading volume of 2,034,602 shares, compared to its average volume of 7,559,646. Medtronic has a 1 year low of $79.29 and a 1 year high of $99.37. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The stock has a market cap of $122.06 billion, a price-to-earnings ratio of 26.21, a PEG ratio of 2.52 and a beta of 0.78. The business's fifty day moving average is $93.82 and its two-hundred day moving average is $88.85.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company earned $1.23 earnings per share. The firm's revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Analysts anticipate that Medtronic will post 5.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the acquisition, the director owned 5,000 shares of the company's stock, valued at $461,850. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction of $788,045.90. Following the completion of the sale, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently modified their holdings of the company. Wynn Capital LLC boosted its stake in shares of Medtronic by 2.4% in the third quarter. Wynn Capital LLC now owns 4,639 shares of the medical technology company's stock valued at $442,000 after purchasing an additional 110 shares during the period. Cape Investment Advisory Inc. raised its holdings in Medtronic by 3.2% in the second quarter. Cape Investment Advisory Inc. now owns 3,605 shares of the medical technology company's stock valued at $314,000 after acquiring an additional 113 shares in the last quarter. Gilbert & Cook Inc. raised its holdings in shares of Medtronic by 1.9% during the second quarter. Gilbert & Cook Inc. now owns 6,103 shares of the medical technology company's stock worth $532,000 after purchasing an additional 114 shares during the period. Red Spruce Capital LLC raised its holdings in shares of Medtronic by 0.5% during the second quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company's stock worth $2,067,000 after purchasing an additional 118 shares during the period. Finally, Certior Financial Group LLC raised its holdings in shares of Medtronic by 3.7% during the first quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company's stock worth $310,000 after purchasing an additional 122 shares during the period. 82.06% of the stock is currently 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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