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

Medtronic plc (NYSE:MDT) fell 0.7% during trading on Tuesday . The stock traded as low as $85.10 and last traded at $85.13. 1,153,874 shares were traded during trading, a decline of 82% from the average session volume of 6,268,986 shares. The stock had previously closed at $85.75.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Piper Sandler lifted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Barclays increased their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Robert W. Baird lowered their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has an average rating of “Hold” and an average price target of $95.27.

Medtronic Trading Down 0.1 %

The company has a fifty day simple moving average of $88.91 and a two-hundred day simple moving average of $84.93. The company has a market capitalization of $109.89 billion, a P/E ratio of 26.03, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s revenue was up 5.2% compared to the same quarter last year. During the same period last year, the business earned $1.25 EPS. On average, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medtronic

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