Medtronic (NYSE:MDT) Trading Down 3% – Time to Sell?

Medtronic plc (NYSE:MDT)’s stock price fell 3% on Tuesday . The company traded as low as $84.50 and last traded at $84.97. 2,876,038 shares were traded during mid-day trading, a decline of 54% from the average session volume of 6,226,676 shares. The stock had previously closed at $87.59.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MDT. Robert W. Baird lifted their price target on Medtronic from $90.00 to $96.00 in a research report on Friday. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday. Stifel Nicolaus upped their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Evercore ISI increased their target price 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $95.80.

Medtronic Stock Down 2.9 %

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock has a market cap of $109.07 billion, a P/E ratio of 28.72, a P/E/G ratio of 2.50 and a beta of 0.84. The stock’s fifty day simple moving average is $89.42 and its 200-day simple moving average is $84.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 EPS. As a group, research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Medtronic

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

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.