Medtronic (NYSE:MDT) Stock Price Down 0.7% – What’s Next?

Medtronic plc (NYSE:MDT)’s stock price was down 0.7% during trading on Tuesday . The company traded as low as $85.10 and last traded at $85.13. Approximately 1,153,874 shares changed hands during trading, a decline of 82% from the average daily volume of 6,268,986 shares. The stock had previously closed at $85.75.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Robert W. Baird decreased their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Finally, Citigroup increased their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $95.27.

Medtronic Stock Performance

The stock has a market cap of $109.89 billion, a P/E ratio of 26.03, a PEG ratio of 2.44 and a beta of 0.84. The stock has a fifty day simple moving average of $88.91 and a 200-day simple moving average of $84.93. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share 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 analyst estimates of $8.27 billion. During the same period in the previous year, the company posted $1.25 earnings per share. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Institutional Trading of Medtronic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the third quarter worth $27,000. Lynx Investment Advisory acquired a new position in Medtronic in the 2nd quarter valued at about $28,000. Finally, J. Stern & Co. LLP acquired a new position in shares of Medtronic in the third quarter valued at approximately $30,000. 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.