Royal Bank of Canada Reiterates Sector Perform Rating for Medtronic (NYSE:MDT)

Medtronic (NYSE:MDT)‘s stock had its “sector perform” rating reissued by analysts at Royal Bank of Canada in a report issued on Wednesday, Benzinga reports. They presently have a $92.00 target price on the medical technology company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 4.71% from the company’s previous close.

MDT has been the topic of several other research reports. Wells Fargo & Company boosted their target price on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Oppenheimer increased 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. Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Robert W. Baird raised their price objective on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.54.

Medtronic Price Performance

NYSE MDT opened at $87.86 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The stock has a market cap of $112.66 billion, a price-to-earnings ratio of 31.95, a PEG ratio of 2.35 and a beta of 0.82. The business has a 50 day simple moving average of $80.33 and a 200 day simple moving average of $82.34. Medtronic has a 52-week low of $68.84 and a 52-week high of $89.24.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Analysts anticipate that Medtronic will post 5.44 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Institutional Trading of Medtronic

Several institutional investors have recently added to or reduced their stakes in the company. LifeSteps Financial Inc. bought a new stake in shares of Medtronic in the first quarter valued at about $27,000. MeadowBrook Investment Advisors LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the second quarter worth approximately $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $33,000. Finally, Riverview Trust Co bought a new stake in shares of Medtronic in the first quarter valued at approximately $39,000. 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.