In a report released today, Michael Matson from Needham reiterated a Buy rating on Medtronic (NYSE: MDT), with a price target of $119. The company’s shares opened today at $94, close to its 52-week high of $95.43.
Matson wrote:
“F1Q19 revenue and EPS beat consensus. Management raised its FY19 organic revenue guidance but maintained its FY19 EPS guidance given an increased currency headwind. Organic revenue growth remained strong at 6.8% (marking the third consecutive quarter over 6.5%) as MDT’s new products maintained momentum. Operating margin was above consensus and up 80 bps Y/Y CC due mainly to currency driven SG&A leverage though we note that MDT reinvested into R&D. We reiterate our Strong Buy rating given our expectation of additional upside to consensus and MDT’s discount 17.3x (vs. large-cap peers at 21.2x).”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 12.2% and a 62.4% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Medtronic with a $96.64 average price target, representing a 2.8% upside. In a report released today, Oppenheimer also maintained a Buy rating on the stock.
.
See today’s analyst top recommended stocks >>
Based on Medtronic’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $8.14 billion and net profit of $1.46 billion. In comparison, last year the company earned revenue of $7.39 billion and had a net profit of $1.02 billion.
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
