CIBC Reaffirms Buy Rating for Medtronic plc. (MDT)

CIBC Reaffirms Buy Rating for Medtronic plc. (MDT)

A number of other equities analysts have also recently issued reports on the company. Needham & Company LLC reiterated a buy rating and issued a $95.00 target price (up from $91.00) on shares of Medtronic plc. in a report on Thursday, May 25th. Oppenheimer Holdings Inc. reiterated a buy rating and issued a $93.00 target price (up from $87.00) on shares of Medtronic plc. in a report on Thursday, May 25th. Goldman Sachs Group Inc initiated coverage on Medtronic plc. in a report on Tuesday, May 16th. They issued a neutral rating and a $87.00 target price on the stock. Zacks Investment Research cut Medtronic plc. from a hold rating to a sell rating in a report on Tuesday, May 23rd. Finally, BTIG Research reiterated a neutral rating on shares of Medtronic plc. in a report on Monday, March 20th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $89.19.

CIBC reissued their buy rating on shares of Medtronic plc. (NYSE:MDT) in a research note released on Friday morning.

Medtronic plc. (NYSE MDT) opened at 84.86 on Friday. The company has a market cap of $116.17 billion, a price-to-earnings ratio of 29.36 and a beta of 0.97. The firm has a 50-day moving average of $82.80 and a 200-day moving average of $78.44. Medtronic plc. has a 52 week low of $69.35 and a 52 week high of $89.27.

Medtronic plc. (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.02. The firm had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.86 billion. Medtronic plc. had a return on equity of 12.36% and a net margin of 14.63%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.27 EPS. Equities analysts forecast that Medtronic plc. will post $4.95 earnings per share for the current year.

In other news, EVP Hoedt Rob Ten sold 50,757 shares of the firm’s stock in a transaction on Monday, March 20th. The stock was sold at an average price of $81.58, for a total transaction of $4,140,756.06. Following the completion of the sale, the executive vice president now directly owns 59,392 shares of the company’s stock, valued at approximately $4,845,199.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Hooman Hakami sold 52,316 shares of the firm’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $82.33, for a total value of $4,307,176.28. Following the sale, the executive vice president now directly owns 73,800 shares of the company’s stock, valued at $6,075,954. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 198,073 shares of company stock valued at $16,315,832. Insiders own 0.25% of the company’s stock.

Several large investors have recently made changes to their positions in MDT. First Personal Financial Services raised its stake in shares of Medtronic plc. by 18.8% in the third quarter. First Personal Financial Services now owns 78,698 shares of the medical technology company’s stock valued at $6,800,000 after buying an additional 12,476 shares in the last quarter. First Midwest Bank Trust Division raised its stake in shares of Medtronic plc. by 1.0% in the third quarter. First Midwest Bank Trust Division now owns 28,071 shares of the medical technology company’s stock valued at $2,425,000 after buying an additional 276 shares in the last quarter. Progressive Investment Management Corp raised its stake in shares of Medtronic plc. by 1.3% in the third quarter. Progressive Investment Management Corp now owns 30,338 shares of the medical technology company’s stock valued at $2,621,000 after buying an additional 385 shares in the last quarter. Rikoon Group LLC acquired a new stake in shares of Medtronic plc. during the third quarter valued at about $559,000. Finally, Sigma Planning Corp raised its stake in shares of Medtronic plc. by 2.1% in the third quarter. Sigma Planning Corp now owns 18,510 shares of the medical technology company’s stock valued at $1,599,000 after buying an additional 386 shares in the last quarter. 82.71% of the stock is owned by hedge funds and other institutional investors.

Medtronic plc. Company Profile

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “MDT”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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