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Thursday, September 28, 2023

Renewed Optimism is Surrounding Medtronic plc (NYSE:MDT)

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Medtronic plc (MDT) shares are trading at higher $113.85 and the avg recommendation for the stock is Strong Buy, while the current analyst price target stands at $125.29.

To add more color to this target, the company’s high over the last year is $122.15 and the low is $72.13. Over the last 52 weeks, MDT is up 1.47% while the S&P 500 is up 18.53%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, MDT reported a profit of $4.94 billion. Medtronic plc also saw revenues increase to $7.65 billion. In addition, MDT has free cash flow of $1.52 billion as of 10-2020. The company’s EBITDA came in at $1.6 billion which compares well with its peers.

MDT booked profit margins of 12.70%, its Return on Equity (ROE) is 7.00%, and its Return on Assets is 3.80%. All told, it is clear that, MDT needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. MDT has a short ratio of 1.59 and outstanding shares of 1.34B.

Company Outlook

MDT has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 4.26 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 2.59. Medtronic plc MDT also noted assets of $95.89 billion at the end of the last quarter. Investors should also keep an eye on sector updates as MDT has historically followed its peers on positive news.

All told, Medtronic plc MDT has strung together solid data and demonstrated underlying fundamentals. At its current valuation, MDT represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Medtronic plc MDT is now commanding a market cap of 151.33B and a float of 1.34B. MDT is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of MDT stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in MDT, either long or short, and we have not been compensated for this article.

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