Robert W. Baird Has Lowered Expectations for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its target price cut by Robert W. Baird from $96.00 to $93.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the medical technology company’s stock.

Several other equities analysts have also weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Evercore ISI lifted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. reduced their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Finally, Oppenheimer raised their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Medtronic has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 1.7 %

Shares of NYSE MDT opened at $86.21 on Wednesday. The stock has a market capitalization of $110.56 billion, a PE ratio of 26.36, a P/E/G 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. The firm has a fifty day moving average of $88.99 and a 200-day moving average of $84.89. Medtronic has a 52-week low of $75.96 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 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 company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period in the prior year, the firm posted $1.25 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. On average, analysts anticipate that Medtronic will post 5.46 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Boyar Asset Management Inc. lifted its stake in shares of Medtronic by 8.0% in the 3rd quarter. Boyar Asset Management Inc. now owns 5,213 shares of the medical technology company’s stock worth $469,000 after acquiring an additional 385 shares during the period. Anchor Investment Management LLC raised its holdings in Medtronic by 1.2% during the third quarter. Anchor Investment Management LLC now owns 107,518 shares of the medical technology company’s stock worth $9,680,000 after purchasing an additional 1,271 shares in the last quarter. Tudor Financial Inc. acquired a new stake in Medtronic in the third quarter worth approximately $586,000. Chelsea Counsel Co. bought a new position in Medtronic during the 3rd quarter valued at $45,000. Finally, Te Ahumairangi Investment Management Ltd increased its position in shares of Medtronic by 4.1% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 52,321 shares of the medical technology company’s stock valued at $4,684,000 after purchasing an additional 2,050 shares during the period. 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.