Medtronic (NYSE:MDT) Trading Up 0.7% - Time to Buy?

Medtronic plc (NYSE:MDT - Get Free Report)'s share price rose 0.7% on Thursday . The stock traded as high as $86.90 and last traded at $86.27. Approximately 5,106,486 shares were traded during trading, a decline of 19% from the average daily volume of 6,284,553 shares. The stock had previously closed at $85.68.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MDT shares. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Monday, November 18th. Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research note on Tuesday. UBS Group upgraded Medtronic from a "sell" rating to a "neutral" rating and increased their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Truist Financial upped their price objective 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, 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 research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $95.27.

Medtronic Stock Up 0.7 %

The stock has a 50-day moving average of $88.75 and a 200-day moving average of $84.97. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a market cap of $110.64 billion, a price-to-earnings ratio of 26.38, a P/E/G ratio of 2.43 and a beta of 0.84.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic's quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 EPS. Sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Synovus Financial Corp increased its stake in Medtronic by 1.2% in the third quarter. Synovus Financial Corp now owns 66,738 shares of the medical technology company's stock valued at $6,008,000 after acquiring an additional 783 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in shares of Medtronic by 449.3% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 73,373 shares of the medical technology company's stock valued at $6,606,000 after purchasing an additional 60,016 shares in the last quarter. World Investment Advisors LLC increased its stake in shares of Medtronic by 212.9% in the 3rd quarter. World Investment Advisors LLC now owns 126,314 shares of the medical technology company's stock valued at $11,372,000 after purchasing an additional 85,947 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Medtronic by 6.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 181,843 shares of the medical technology company's stock worth $15,677,000 after buying an additional 11,651 shares in the last quarter. Finally, Boyar Asset Management Inc. lifted its position in shares of Medtronic by 8.0% during 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 last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.