Medtronic PLC (MDT) Receives Buy Rating from Evercore ISI
Evercore ISI reaffirmed their buy rating on shares of Medtronic PLC (NYSE:MDT) in a report issued on Monday. They currently have a $80.00 price target on the medical technology company’s stock, down from their previous price target of $94.00.
Several other equities analysts have also recently commented on the company. Vetr cut Medtronic PLC from a strong-buy rating to a buy rating and set a $91.28 price target for the company. in a report on Monday, November 21st. Zacks Investment Research cut Medtronic PLC from a buy rating to a hold rating in a report on Friday, November 11th. Credit Suisse Group AG reissued an outperform rating and issued a $92.00 target price on shares of Medtronic PLC in a report on Thursday, August 25th. Needham & Company LLC reissued a buy rating and issued a $84.00 target price (down from $95.00) on shares of Medtronic PLC in a report on Tuesday, November 22nd. Finally, Citigroup Inc. assumed coverage on Medtronic PLC in a report on Tuesday, August 23rd. They issued a buy rating and a $102.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $88.19.
Medtronic PLC (NYSE:MDT) opened at 73.99 on Monday. The firm has a market cap of $102.25 billion, a price-to-earnings ratio of 28.79 and a beta of 1.01. Medtronic PLC has a 12 month low of $71.03 and a 12 month high of $89.27. The firm’s 50-day moving average price is $81.50 and its 200-day moving average price is $84.68.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.11 by $0.01. The firm earned $7.35 billion during the quarter, compared to analysts’ expectations of $7.46 billion. Medtronic PLC had a return on equity of 12.36% and a net margin of 14.63%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.03 EPS. Equities research analysts predict that Medtronic PLC will post $4.63 earnings per share for the current year.
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In related news, Director James T. Lenehan acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, November 23rd. The shares were bought at an average price of $73.27 per share, with a total value of $146,540.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Omar Ishrak sold 61,925 shares of the stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the transaction, the chief executive officer now directly owns 565,916 shares in the company, valued at approximately $48,063,245.88. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Krilogy Financial LLC boosted its position in Medtronic PLC by 35.2% in the second quarter. Krilogy Financial LLC now owns 1,163 shares of the medical technology company’s stock worth $101,000 after buying an additional 303 shares during the period. Motco boosted its position in Medtronic PLC by 70.9% in the third quarter. Motco now owns 1,350 shares of the medical technology company’s stock worth $117,000 after buying an additional 560 shares during the period. TLP Group LLC bought a new position in Medtronic PLC during the third quarter worth about $124,000. Birch Hill Investment Advisors LLC bought a new position in Medtronic PLC during the third quarter worth about $128,000. Finally, Proficio Capital Partners LLC boosted its position in Medtronic PLC by 0.5% in the third quarter. Proficio Capital Partners LLC now owns 1,505 shares of the medical technology company’s stock worth $130,000 after buying an additional 8 shares during the period. 80.95% of the stock is currently owned by institutional investors.
Medtronic PLC Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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