Sanford C. Bernstein Forecasts Strong Price Appreciation for Medtronic (NYSE:MDT) Stock

Medtronic (NYSE:MDT) had its target price hoisted by Sanford C. Bernstein from $96.00 to $97.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the medical technology company’s stock.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird dropped their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday. Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Piper Sandler raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Truist Financial upped their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Finally, Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Performance

NYSE:MDT opened at $86.21 on Wednesday. Medtronic has a 1-year low of $75.96 and a 1-year high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.61. The business has a 50 day moving average of $88.99 and a 200 day moving average of $84.89. The company has a market capitalization of $110.56 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 2.40 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 EPS. On average, sell-side analysts predict that Medtronic will post 5.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently made changes to their positions in the company. Boyar Asset Management Inc. grew its position in shares of Medtronic by 8.0% in the 3rd quarter. Boyar Asset Management Inc. now owns 5,213 shares of the medical technology company’s stock worth $469,000 after buying an additional 385 shares during the period. Anchor Investment Management LLC boosted its stake in Medtronic by 1.2% during the third quarter. Anchor Investment Management LLC now owns 107,518 shares of the medical technology company’s stock worth $9,680,000 after acquiring an additional 1,271 shares in the last quarter. Tudor Financial Inc. bought a new position in shares of Medtronic during the third quarter valued at approximately $586,000. Chelsea Counsel Co. purchased a new position in shares of Medtronic during the third quarter valued at approximately $45,000. Finally, Te Ahumairangi Investment Management Ltd boosted its position in shares of Medtronic by 4.1% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 52,321 shares of the medical technology company’s stock worth $4,684,000 after purchasing an additional 2,050 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

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.