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

Medtronic (NYSE:MDT - Get Free Report) had its target price raised by stock analysts at Sanford C. Bernstein from $96.00 to $97.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the medical technology company's stock. Sanford C. Bernstein's price objective would indicate a potential upside of 15.68% from the stock's previous close.

MDT has been the topic of a number of other reports. Robert W. Baird lowered their price objective on shares of Medtronic from $96.00 to $93.00 and set a "neutral" rating on the stock in a research note on Wednesday. Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 1st. Piper Sandler upped their target price on Medtronic from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Wednesday, August 21st. UBS Group raised Medtronic from a "sell" rating to a "neutral" rating and raised their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Citigroup upped their price objective on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $95.19.

Medtronic Price Performance

Medtronic stock traded down $1.15 during mid-day trading on Wednesday, reaching $83.85. The company had a trading volume of 2,466,530 shares, compared to its average volume of 6,252,662. The stock's 50-day simple moving average is $89.30 and its 200-day simple moving average is $84.84. 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 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market capitalization of $107.54 billion, a P/E ratio of 28.33, a P/E/G ratio of 2.50 and a beta of 0.84.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic's quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the business posted $1.25 EPS. On average, equities analysts predict that Medtronic will post 5.44 EPS for the current year.

Institutional Investors Weigh In On Medtronic

A number of institutional investors have recently bought and sold shares of MDT. Lake Street Advisors Group LLC acquired a new stake in shares of Medtronic during the 1st quarter worth $498,000. CreativeOne Wealth LLC increased its stake in Medtronic by 31.3% during the first quarter. CreativeOne Wealth LLC now owns 5,456 shares of the medical technology company's stock worth $475,000 after acquiring an additional 1,300 shares during the last quarter. Freestone Capital Holdings LLC raised its holdings in shares of Medtronic by 3.0% in the 1st quarter. Freestone Capital Holdings LLC now owns 24,350 shares of the medical technology company's stock worth $2,122,000 after purchasing an additional 708 shares during the period. Axxcess Wealth Management LLC lifted its stake in shares of Medtronic by 8.7% in the 1st quarter. Axxcess Wealth Management LLC now owns 27,536 shares of the medical technology company's stock valued at $2,400,000 after purchasing an additional 2,194 shares in the last quarter. Finally, Envoi LLC purchased a new stake in shares of Medtronic during the 1st quarter worth about $26,145,000. 82.06% of the stock is currently owned by hedge funds and other 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.

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