Wells Fargo & Company Issues Pessimistic Forecast for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its price target decreased by Wells Fargo & Company from $106.00 to $98.00 in a research note issued to investors on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical technology company’s stock.

Several other analysts have also recently issued reports on MDT. Barclays increased their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Truist Financial increased their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $95.19.

Medtronic Stock Performance

NYSE MDT opened at $84.11 on Wednesday. The stock has a fifty day simple moving average of $89.17 and a 200-day simple moving average of $84.84. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51. The stock has a market cap of $107.87 billion, a PE ratio of 25.72, a P/E/G ratio of 2.42 and a beta of 0.84. Medtronic has a twelve month low of $75.96 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the business earned $1.25 earnings per share. Equities analysts anticipate that Medtronic will post 5.46 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. State Street Corp boosted its stake in Medtronic by 0.9% in the third quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after acquiring an additional 520,027 shares in the last quarter. Pzena Investment Management LLC grew its stake in Medtronic by 3.3% during the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after buying an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after buying an additional 5,975,110 shares during the period. Dimensional Fund Advisors LP lifted its stake in Medtronic by 7.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares during the last quarter. Finally, Longview Partners Guernsey LTD boosted its holdings in shares of Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after acquiring an additional 147,737 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

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.