[Globe Newswire] Medtronic PLC (NYSE:MDT)(TREND ANALYSIS) announced its acquisition of Diabeter, an innovative, independent Netherlands-based diabetes clinic and research center dedicated to providing comprehensive and individualized care for children and young adults with diabetes. Together, Medtronic and Diabeter will further develop and expand Diabeter`s model of care so more people with diabetes can enjoy greater freedom and better health. This acquisition combines the strengths of Medtronic and Diabeter to create a strong local and international platform for improving outcomes for people with diabetes. Terms of the acquisition were not disclosed.
“The Diabeter acquisition is a milestone for Medtronic and for the Diabetes Group,” said Hooman Hakami, executive vice president and president of the Diabetes Group at Medtronic. “This acquisition marks Medtronic`s first entry into a diabetes integrated care model approach and signifies that Medtronic Diabetes is more than pumps and sensors – we are a holistic diabetes management company focused on making a real difference in outcomes and cost.”
Stock Performance: Click here for a free comprehensive Trend Analysis Report
The company is currently valued at $111.27 billion and closed the last trading session at $77.93. The stock has 50-day moving average of $76.8 and a 200-day moving average of $69.67.
Medtronic PLC (NYSE:MDT) is currently trading 1.79% below its 52-week-high, 39.8% above its 52-week-low and in the range of $75.8-$79.5 over the past month. The 1-year range for the stock is $55.85-$79.5. Medtronic PLC (MDT) has a price to book ratio of 3.81 versus S&P 500 average of 2.88. The company’s share price has outperformed the S&P 500 year to date by over 6.41%.
Medtronic PLC (MDT) current short interest stands at 12,813,996 shares. It has decreased by -17% from the same period of last month. Around 0.9% of the company’s shares, which are float, are short sold. With a 30-days average daily volume of 5,640,750 shares, the number of days required to cover the short positions stand at 2.2 days.
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There are currently twenty-six analysts that we track that cover MDT. Of those twenty-six, eighteen have a buy rating, eight have a hold rating. On a consensus basis this yields to a Buy. The overall consensus target price stands at $86.44 which represents an upside of 10.7% from the last closing price of $78.08.
Recently, several research firms updated their ratings on the stock. Indeed, in the last five days, an average price target of $83.5 has been given to the stock, which represents an upside of 6.94% from the last closing price.
Indeed, BMO Capital Markets reiterated their outperform stance on April 13th, with a target price of $87, which represents an upside of 11.42% from the last closing price. Another research firm, Needham & Co, reiterated their buy stance on the same day, with a target price of $87, which translates into an upside of 11.42%. Finally, Cowen and Company reiterated their outperform stance on April 13th, with a target price of $88.
Medtronic, PLC develops therapeutic and diagnostic medical products. The Company’s principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic’s products are sold worldwide.