JPMorgan Chase & Co. Lowers Medtronic (NYSE:MDT) Price Target to $96.00

Medtronic (NYSE:MDT) had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $99.00 to $96.00 in a research note issued to investors on Friday. The brokerage currently has a “neutral” rating on the medical technology company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 9.84% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Truist Financial raised their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Robert W. Baird lifted their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Finally, Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average target price of $95.80.

Medtronic Stock Up 1.6 %

NYSE:MDT traded up $1.40 during trading hours on Friday, hitting $87.40. 4,724,437 shares of the company traded hands, compared to its average volume of 6,210,865. The firm’s 50-day simple moving average is $89.52 and its 200-day simple moving average is $84.67. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The company has a market cap of $112.09 billion, a PE ratio of 29.53, a PEG ratio of 2.51 and a beta of 0.84. Medtronic has a one year low of $74.20 and a one year high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the company earned $1.20 earnings per share. Medtronic’s revenue was up 3.4% compared to the same quarter last year. Equities analysts predict that Medtronic will post 5.44 earnings per share for the current year.

Institutional Trading of Medtronic

A number of institutional investors have recently bought and sold shares of MDT. Nwam LLC raised its holdings in Medtronic by 3.2% in the first quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 141 shares in the last quarter. Pinnacle Wealth Planning Services Inc. increased its stake in shares of Medtronic by 3.4% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,118 shares of the medical technology company’s stock worth $359,000 after purchasing an additional 137 shares in the last quarter. Nicolet Advisory Services LLC acquired a new position in Medtronic in the 1st quarter valued at $247,000. TIAA Trust National Association boosted its holdings in shares of Medtronic by 16.1% during the 1st quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock worth $704,000 after purchasing an additional 1,119 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new stake in shares of Medtronic in the 1st quarter worth $1,616,000. 82.06% of the stock is currently owned by institutional investors.

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.