Robert W. Baird Increases Medtronic (NYSE:MDT) Price Target to $96.00

Medtronic (NYSE:MDT) had its price target increased by research analysts at Robert W. Baird from $90.00 to $96.00 in a research note issued to investors on Friday. Robert W. Baird’s target price suggests a potential upside of 9.68% from the company’s previous close.

Several other research firms have also recently weighed in on MDT. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. 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 presently has a consensus rating of “Hold” and a consensus target price of $95.80.

Medtronic Stock Performance

MDT opened at $87.53 on Friday. The company has a 50 day simple moving average of $89.48 and a two-hundred day simple moving average of $84.74. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a market cap of $112.25 billion, a P/E ratio of 29.57, a PEG ratio of 2.51 and a beta of 0.84. Medtronic has a 1-year low of $74.20 and a 1-year high of $92.68.

Medtronic (NYSE:MDT) last released its 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the business posted $1.20 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. Equities analysts forecast that Medtronic will post 5.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after purchasing an additional 5,975,110 shares during the last quarter. Capital Research Global Investors grew its holdings in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Bank of Montreal Can increased its position in shares of Medtronic by 65.0% during the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after purchasing an additional 1,790,483 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Medtronic by 58.4% during the 3rd quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after buying an additional 1,420,263 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

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.