Medtronic (NYSE:MDT) Price Target Raised to $92.00 at Citigroup

Medtronic (NYSE:MDT) had its price target lifted by investment analysts at Citigroup from $85.00 to $92.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the medical technology company’s stock. Citigroup’s price objective indicates a potential upside of 2.69% from the stock’s current price.

MDT has been the subject of a number of other research reports. Truist Financial upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Evercore ISI upped their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Robert W. Baird upped their price objective on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $94.21.

Medtronic Trading Down 0.5 %

Shares of Medtronic stock traded down $0.44 on Tuesday, hitting $89.59. 2,062,083 shares of the company’s stock traded hands, compared to its average volume of 6,380,662. The firm’s 50-day moving average price is $86.00 and its two-hundred day moving average price is $83.15. The stock has a market capitalization of $114.88 billion, a PE ratio of 32.56, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. Medtronic has a one year low of $68.84 and a one year high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 EPS. On average, research analysts expect that Medtronic will post 5.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Medtronic

Large investors have recently modified their holdings of the business. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the 1st quarter worth about $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic during the 2nd quarter worth about $28,000. Tributary Capital Management LLC acquired a new position in shares of Medtronic during the 1st quarter worth about $33,000. Riverview Trust Co acquired a new stake in Medtronic in the 1st quarter valued at about $39,000. Finally, Fortis Group Advisors LLC lifted its stake in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

About Medtronic

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.