RBC Capital Releases a Buy Rating on Medtronic

By Austin Angelo

RBC Capital analyst Glenn Novarro reiterated a Buy rating on Medtronic (NYSE: MDT) yesterday and set a price target of $85. The company’s shares closed yesterday at $80.33.

According to TipRanks.com, Novarro is a 5-star analyst with an average return of 10.4% and a 77.6% success rate. Novarro covers the Healthcare sector, focusing on stocks such as Integer Holdings Corporation, Boston Scientific Corp, and Varian Medical Systems.

Currently, the analyst consensus on Medtronic is Strong Buy and the average price target is $89.75, representing an 11.7% upside.

In a report issued on April 6, Needham also reiterated a Buy rating on the stock with a $91 price target.

Based on Medtronic’s latest earnings report for the quarter ending January 31, the company posted quarterly revenue of $7.28 billion and quarterly net profit of $821 million. In comparison, last year the company earned revenue of $6.93 billion and had a net profit of $1.1 billion.

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.