Medtronic (NYSE:MDT) Stock Price Down 0.4% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) traded down 0.4% during trading on Wednesday . The stock traded as low as $87.73 and last traded at $87.97. 919,287 shares were traded during trading, a decline of 85% from the average session volume of 6,175,353 shares. The stock had previously closed at $88.30.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MDT shares. Robert W. Baird increased their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Wells Fargo & Company boosted their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Barclays raised 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Stock Performance

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 $110.25 billion, a price-to-earnings ratio of 29.04, a P/E/G ratio of 2.51 and a beta of 0.84. The stock has a fifty day simple moving average of $89.59 and a two-hundred day simple moving average of $84.66.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MDT. Blair William & Co. IL raised its position in Medtronic by 6.5% in the first quarter. Blair William & Co. IL now owns 139,827 shares of the medical technology company’s stock valued at $12,186,000 after purchasing an additional 8,513 shares during the last quarter. Orion Portfolio Solutions LLC raised its holdings in Medtronic by 13.8% in the 1st quarter. Orion Portfolio Solutions LLC now owns 69,034 shares of the medical technology company’s stock valued at $6,016,000 after buying an additional 8,352 shares during the last quarter. Twin Tree Management LP boosted its position in Medtronic by 124.3% during the 1st quarter. Twin Tree Management LP now owns 77,452 shares of the medical technology company’s stock worth $6,750,000 after buying an additional 396,552 shares during the period. Nwam LLC grew its holdings in Medtronic by 3.2% during the 1st quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock worth $371,000 after acquiring an additional 141 shares during the last quarter. Finally, Wintrust Investments LLC increased its position in Medtronic by 27.4% in the 1st quarter. Wintrust Investments LLC now owns 21,286 shares of the medical technology company’s stock valued at $1,855,000 after acquiring an additional 4,572 shares during the period. 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.