JPMorgan Chase & Co. Issues Pessimistic Forecast for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its target price lowered by JPMorgan Chase & Co. from $99.00 to $96.00 in a report released on Friday morning. JPMorgan Chase & Co. currently has a neutral rating on the medical technology company’s stock.

A number of other analysts have also recently weighed in on MDT. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Wells Fargo & Company boosted their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.80.

Medtronic Trading Up 1.8 %

Shares of MDT stock opened at $87.53 on Friday. The stock has a 50 day simple moving average of $89.48 and a 200 day simple moving average of $84.77. The stock has a market cap of $112.25 billion, a P/E ratio of 29.57, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic has a 1 year low of $74.20 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. On average, research analysts predict that Medtronic will post 5.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently added to or reduced their stakes in the company. Guardian Wealth Management Inc. grew its stake in shares of Medtronic by 0.9% in the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after acquiring an additional 115 shares during the last quarter. Continuum Advisory LLC raised its position in Medtronic by 6.0% in the 3rd quarter. Continuum Advisory LLC now owns 6,224 shares of the medical technology company’s stock worth $535,000 after buying an additional 351 shares during the last quarter. LRI Investments LLC lifted its position in Medtronic by 8.6% during the third quarter. LRI Investments LLC now owns 10,615 shares of the medical technology company’s stock valued at $913,000 after purchasing an additional 839 shares during the period. Drucker Wealth 3.0 LLC boosted its stake in shares of Medtronic by 1.8% in the 3rd quarter. Drucker Wealth 3.0 LLC now owns 47,352 shares of the medical technology company’s stock worth $4,263,000 after buying an additional 827 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Medtronic during the 3rd quarter valued at about $54,143,000. 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.