For Medtronic Plc [MDT], Analyst sees a rise to $90. What next?

Medtronic Plc [NYSE: MDT] loss -2.09% or -1.82 points to close at $85.20 with a heavy trading volume of 6007120 shares. The company report on March 27, 2024 at 4:17 PM that Orchestra BioMed Reports Full Year 2023 Financial Results and Provides Fourth Quarter Business Update.

Initiated enrollment of the BACKBEAT global pivotal study evaluating AVIM therapy (also known as BackBeat Cardiac Neuromodulation Therapy) in hypertensive pacemaker patients in collaboration with Medtronic, plc (NYSE: MDT) in December 2023.

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Orchestra BioMed and Terumo remain actively engaged to update operational plans and financial arrangements for Virtue® Sirolimus AngioInfusionTM Balloon (“SAB”) development and commercialization for treatment of coronary and peripheral artery disease.

The daily chart for MDT points out that the company has recorded 8.73% gains over the past six months.

If we look at the average trading volume of 6.30M shares, MDT reached to a volume of 6007120 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Medtronic Plc [MDT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MDT shares is $93.53 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MDT stock is a recommendation set at 2.38. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Robert W. Baird have made an estimate for Medtronic Plc shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on July 19, 2023. While these analysts kept the previous recommendation, CL King raised their target price to Buy. The new note on the price target was released on June 30, 2023, representing the official price target for Medtronic Plc stock. Previously, the target price had yet another raise to $104, while Morgan Stanley analysts kept a Overweight rating on MDT stock. On April 24, 2023, analysts increased their price target for MDT shares from 77 to 100.

The Average True Range (ATR) for Medtronic Plc is set at 1.31, with the Price to Sales ratio for MDT stock in the period of the last 12 months amounting to 3.50. The Price to Book ratio for the last quarter was 2.19, with the Price to Cash per share for the same quarter was set at 6.27. Price to Free Cash Flow for MDT in the course of the last twelve months was 22.94 with Quick ratio for the last quarter at 1.71.

Trading performance analysis for MDT stock

Medtronic Plc [MDT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.35. With this latest performance, MDT shares gained by 1.91% in over the last four-week period, additionally plugging by 8.73% over the last 6 months – not to mention a rise of 7.60% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MDT stock in for the last two-week period is set at 51.61, with the RSI for the last a single of trading hit 51.62, and the three-weeks RSI is set at 51.65 for Medtronic Plc [MDT]. The present Moving Average for the last 50 days of trading for this stock 85.27, while it was recorded at 86.00 for the last single week of trading, and 82.09 for the last 200 days.

Medtronic Plc [MDT]: A deeper dive into fundamental analysis

Medtronic Plc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.71 and a Current Ratio set at 2.30.

Medtronic Plc [MDT]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Medtronic Plc posted 1.57/share EPS, while the average EPS was predicted by analysts to be reported at 1.56/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 0.60%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MDT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Medtronic Plc go to 3.48%.

An analysis of Institutional ownership at Medtronic Plc [MDT]

The top three institutional holders of MDT stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in MDT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in MDT stock with ownership which is approximately 5.8386%.

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