Medtronic (MDT) Coverage Initiated at Evercore ISI

Research analysts at Evercore ISI assumed coverage on shares of Medtronic (NYSE:MDT) in a research note issued on Wednesday. The brokerage set an “outperform” rating and a $92.50 price target on the medical technology company’s stock. Evercore ISI’s price objective would indicate a potential upside of 9.96% from the company’s current price.

Other analysts also recently issued reports about the company. SunTrust Banks reiterated a “buy” rating and set a $96.00 target price on shares of Medtronic in a research report on Friday, November 3rd. BMO Capital Markets reiterated an “outperform” rating and set a $89.00 target price (down from $92.00) on shares of Medtronic in a research report on Tuesday, October 10th. Stifel Nicolaus lifted their target price on Medtronic from $83.00 to $85.00 and gave the stock a “hold” rating in a research report on Wednesday, November 22nd. Needham & Company LLC decreased their target price on Medtronic from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Tuesday, October 10th. Finally, Oppenheimer reiterated a “buy” rating and set a $94.00 target price on shares of Medtronic in a research report on Wednesday, November 22nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $89.65.

Medtronic (NYSE:MDT) traded up $0.20 during trading hours on Wednesday, hitting $84.12. The stock had a trading volume of 5,943,100 shares, compared to its average volume of 5,868,500. Medtronic has a fifty-two week low of $70.59 and a fifty-two week high of $89.72. The company has a market capitalization of $113,860.00, a P/E ratio of 23.11, a price-to-earnings-growth ratio of 2.31 and a beta of 0.99. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.05 and a current ratio of 2.40.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 21st. The medical technology company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.08. Medtronic had a return on equity of 12.63% and a net margin of 16.93%. The business had revenue of $7.05 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same period last year, the company earned $1.12 earnings per share. The business’s revenue for the quarter was down 4.0% compared to the same quarter last year. analysts forecast that Medtronic will post 4.77 EPS for the current fiscal year.

In related news, EVP Bryan C. Hanson sold 16,000 shares of Medtronic stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $79.02, for a total value of $1,264,320.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 48,000 shares of company stock valued at $3,837,920 over the last 90 days. 0.31% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Medtronic by 2.4% in the second quarter. Vanguard Group Inc. now owns 104,776,036 shares of the medical technology company’s stock valued at $9,298,872,000 after purchasing an additional 2,454,380 shares during the last quarter. BlackRock Inc. grew its stake in Medtronic by 2.8% in the second quarter. BlackRock Inc. now owns 89,512,229 shares of the medical technology company’s stock valued at $7,944,210,000 after purchasing an additional 2,476,853 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in Medtronic by 1.1% in the third quarter. Artisan Partners Limited Partnership now owns 23,853,034 shares of the medical technology company’s stock valued at $1,855,050,000 after purchasing an additional 269,814 shares during the last quarter. Lazard Asset Management LLC grew its stake in Medtronic by 43.8% in the second quarter. Lazard Asset Management LLC now owns 19,669,866 shares of the medical technology company’s stock valued at $1,745,699,000 after purchasing an additional 5,991,094 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in Medtronic by 1.4% in the third quarter. Wells Fargo & Company MN now owns 12,378,331 shares of the medical technology company’s stock valued at $962,664,000 after purchasing an additional 165,149 shares during the last quarter. Institutional investors own 81.72% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This news story was originally reported by Chaffey Breeze and is owned by of Chaffey Breeze. If you are viewing this news story on another domain, it was copied illegally and republished in violation of US and international trademark & copyright laws. The legal version of this news story can be viewed at https://www.chaffeybreeze.com/2018/01/05/medtronic-mdt-coverage-initiated-at-evercore-isi.html.

About Medtronic

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.

Analyst Recommendations for Medtronic (NYSE:MDT)

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply