Medtronic (NYSE:MDT) Stock Price Down 1.1% After Analyst Downgrade

Medtronic plc (NYSE:MDT)’s stock price traded down 1.1% during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $106.00 to $98.00. Wells Fargo & Company currently has an overweight rating on the stock. Medtronic traded as low as $83.56 and last traded at $84.04. 1,471,891 shares were traded during mid-day trading, a decline of 76% from the average session volume of 6,248,242 shares. The stock had previously closed at $85.00.

Several other brokerages have also recently issued reports on MDT. Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Piper Sandler upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $95.19.

Hedge Funds Weigh In On Medtronic

Large investors have recently added to or reduced their stakes in the business. Fortitude Family Office LLC bought a new position in Medtronic in the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic in the 3rd quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in Medtronic in the 2nd quarter valued at approximately $28,000. Finally, J. Stern & Co. LLP purchased a new position in Medtronic in the 3rd quarter valued at approximately $30,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

The firm has a market capitalization of $107.87 billion, a PE ratio of 25.72, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The business’s 50 day moving average is $89.17 and its two-hundred day moving average is $84.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the business earned $1.25 EPS. Medtronic’s revenue was up 5.2% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.