Wells Fargo & Company Has Lowered Expectations for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its target price lowered by Wells Fargo & Company from $106.00 to $98.00 in a report released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical technology company’s stock.

MDT has been the topic of a number of other reports. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Finally, Citigroup increased their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $86.21 on Wednesday. Medtronic has a 12-month low of $75.96 and a 12-month high of $92.68. The company’s 50 day moving average price is $88.99 and its two-hundred day moving average price is $84.89. The firm has a market cap of $110.56 billion, a PE ratio of 26.36, a PEG ratio of 2.40 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the company earned $1.25 EPS. The company’s revenue was up 5.2% on a year-over-year basis. Equities research analysts predict that Medtronic will post 5.46 earnings per share for the current year.

Institutional Investors Weigh In On Medtronic

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

Medtronic Company Profile

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.