Medtronic (NYSE:MDT) Given New $98.00 Price Target at Wells Fargo & Company

Medtronic (NYSE:MDT) had its price target cut by analysts at Wells Fargo & Company from $106.00 to $98.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the medical technology company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 15.70% from the stock’s previous close.

Several other equities research analysts also recently commented on MDT. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Evercore ISI lifted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, Truist Financial boosted their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.19.

Medtronic Trading Up 0.7 %

Shares of MDT stock opened at $84.71 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a 50-day simple moving average of $89.07 and a 200 day simple moving average of $84.84. Medtronic has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The stock has a market capitalization of $108.63 billion, a P/E ratio of 25.90, a P/E/G ratio of 2.42 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results 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. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 EPS. On average, sell-side analysts expect that Medtronic will post 5.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MDT. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the 3rd quarter worth $27,000. Darwin Wealth Management LLC acquired a new position in Medtronic during the 3rd quarter worth $27,000. Lynx Investment Advisory bought a new stake in Medtronic during the second quarter valued at about $28,000. Finally, J. Stern & Co. LLP acquired a new stake in shares of Medtronic in the third quarter valued at about $30,000. 82.06% of the stock is owned by institutional investors.

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.