Medtronic (NYSE:MDT) Price Target Raised to $98.00 at Sanford C. Bernstein

Key Points

• Sanford C. Bernstein analysts have raised Medtronic's target price from $97.00 to $98.00, anticipating an 8.99% upside from the current stock price.
• Medtronic reported strong quarterly earnings of $1.26 EPS, exceeding expectations and showing a 7.7% revenue increase year-over-year.
• Institutional investors currently hold 82.06% of Medtronic's stock, indicating strong investment confidence in the company.

Medtronic (NYSE:MDT - Get Free Report) had its price target hoisted by equities researchers at Sanford C. Bernstein from $97.00 to $98.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the medical technology company's stock. Sanford C. Bernstein's target price suggests a potential upside of 5.81% from the stock's current price.

Several other research analysts have also issued reports on MDT. Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. BTIG Research restated a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Morgan Stanley restated an "overweight" rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Robert W. Baird raised their price target on Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $101.15.

Medtronic Trading Up 1.7%

Shares of NYSE MDT traded up $1.5210 during midday trading on Wednesday, hitting $92.6210. The stock had a trading volume of 4,870,626 shares, compared to its average volume of 7,618,189. Medtronic has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm has a market cap of $118.72 billion, a P/E ratio of 25.52, a price-to-earnings-growth ratio of 2.31 and a beta of 0.80. The company's 50-day simple moving average is $89.73 and its 200 day simple moving average is $88.03.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.56% and a net margin of 13.63%.The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the company earned $1.23 EPS. 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. Research analysts anticipate that Medtronic will post 5.46 EPS for the current year.

Institutional Investors Weigh In On Medtronic

A number of institutional investors have recently made changes to their positions in the company. Cim Investment Management Inc. boosted its holdings in shares of Medtronic by 99.6% during the second quarter. Cim Investment Management Inc. now owns 15,675 shares of the medical technology company's stock worth $1,309,000 after acquiring an additional 7,822 shares during the period. Monarch Capital Management Inc. lifted its stake in Medtronic by 0.7% during the second quarter. Monarch Capital Management Inc. now owns 61,569 shares of the medical technology company's stock worth $5,400,000 after purchasing an additional 400 shares during the last quarter. North Dallas Bank & Trust Co. bought a new stake in Medtronic during the second quarter worth $559,000. B. Riley Wealth Advisors Inc. bought a new stake in Medtronic during the second quarter worth $1,030,000. Finally, Cape Investment Advisory Inc. increased its holdings in shares of Medtronic by 3.2% during the second quarter. Cape Investment Advisory Inc. now owns 3,605 shares of the medical technology company's stock worth $314,000 after buying an additional 113 shares in the last quarter. Institutional investors 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.