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

Shares of Medtronic plc (NYSE:MDT) were 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. Approximately 1,471,891 shares were traded during trading, a decline of 76% from the average daily volume of 6,248,242 shares. The stock had previously closed at $85.00.

A number of other brokerages have also commented on MDT. Oppenheimer raised their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Stifel Nicolaus raised their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Truist Financial increased their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $95.19.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently bought and sold shares of MDT. Fortitude Family Office LLC bought a new stake in Medtronic during the third quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic in the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the 2nd quarter valued at approximately $28,000. Finally, J. Stern & Co. LLP bought a new stake in shares of Medtronic during the third quarter valued at approximately $30,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.7 %

The stock has a market cap of $108.63 billion, a P/E ratio of 25.90, a price-to-earnings-growth ratio of 2.42 and a beta of 0.84. The stock’s 50-day moving average is $89.07 and its two-hundred day moving average is $84.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $8.27 billion. During the same period in the previous year, the firm posted $1.25 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

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.