Medtronic (NYSE:MDT) Stock Price Down 1.2% – What’s Next?

Shares of Medtronic plc (NYSE:MDT) were down 1.2% during mid-day trading on Thursday . The company traded as low as $86.82 and last traded at $86.94. Approximately 1,154,637 shares traded hands during trading, a decline of 81% from the average daily volume of 6,186,816 shares. The stock had previously closed at $87.97.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on MDT shares. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Oppenheimer lifted their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday. Finally, Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $95.80.

Medtronic Price Performance

The stock’s fifty day moving average is $89.48 and its 200-day moving average is $84.71. The stock has a market capitalization of $112.25 billion, a P/E ratio of 29.57, a PEG ratio of 2.51 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same period last year, the business earned $1.20 EPS. On average, equities analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Institutional Trading of Medtronic

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

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.