Medtronic (NYSE:MDT) had its price target lifted by Wells Fargo & Co from $110.00 to $120.00 in a report published on Wednesday, BenzingaRatingsTable reports. Wells Fargo & Co currently has an outperform rating on the medical technology company’s stock.

Several other equities research analysts also recently issued reports on the company. Barclays raised their price target on Medtronic from $104.00 to $110.00 and gave the company an overweight rating in a research report on Thursday, July 11th. Oppenheimer set a $110.00 price target on Medtronic and gave the company a buy rating in a research report on Monday, July 15th. Zacks Investment Research raised Medtronic from a sell rating to a hold rating in a research report on Monday, May 20th. Needham & Company LLC reaffirmed a buy rating on shares of Medtronic in a research report on Tuesday, July 23rd. Finally, Cowen reissued an outperform rating and set a $111.00 target price (up from $99.00) on shares of Medtronic in a research report on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Medtronic currently has a consensus rating of Buy and a consensus price target of $113.55.

Shares of NYSE:MDT opened at $106.05 on Wednesday. The company has a market cap of $144.62 billion, a P/E ratio of 20.32, a P/E/G ratio of 2.65 and a beta of 0.67. The stock’s 50-day moving average is $101.64 and its 200-day moving average is $94.06. Medtronic has a 52-week low of $81.66 and a 52-week high of $109.70. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.15 and a current ratio of 2.67.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.08. The company had revenue of $7.49 billion for the quarter, compared to the consensus estimate of $7.40 billion. Medtronic had a return on equity of 14.36% and a net margin of 14.41%. The firm’s revenue was up 1.5% compared to the same quarter last year. During the same period last year, the business posted $1.17 earnings per share. As a group, equities analysts predict that Medtronic will post 5.56 EPS for the current year.

In other Medtronic news, SVP Carol A. Surface sold 9,000 shares of Medtronic stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $97.66, for a total transaction of $878,940.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Bradley E. Lerman sold 4,000 shares of Medtronic stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $100.31, for a total value of $401,240.00. Following the sale, the senior vice president now directly owns 52,906 shares in the company, valued at $5,307,000.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,701 shares of company stock worth $9,318,744. 0.28% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Medtronic by 0.6% during the second quarter. Vanguard Group Inc. now owns 112,334,285 shares of the medical technology company’s stock valued at $10,940,236,000 after purchasing an additional 640,083 shares in the last quarter. BlackRock Inc. boosted its holdings in Medtronic by 0.4% during the second quarter. BlackRock Inc. now owns 107,191,111 shares of the medical technology company’s stock valued at $10,439,341,000 after purchasing an additional 413,027 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Medtronic by 2.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 22,211,176 shares of the medical technology company’s stock valued at $2,163,147,000 after purchasing an additional 516,915 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Medtronic by 9.4% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock valued at $1,412,142,000 after purchasing an additional 1,251,830 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Medtronic by 4.6% during the second quarter. Wells Fargo & Company MN now owns 14,350,496 shares of the medical technology company’s stock valued at $1,397,595,000 after purchasing an additional 635,871 shares in the last quarter. 80.62% of the stock is currently owned by institutional investors.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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