Medtronic (NYSE:MDT) Shares Down 0.4% – Here’s Why

Medtronic plc (NYSE:MDT)’s share price fell 0.4% during mid-day trading on Wednesday . The stock traded as low as $87.73 and last traded at $87.97. 919,287 shares changed hands 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 Analyst Weigh In

A number of brokerages have recently commented on MDT. Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Piper Sandler lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Truist Financial upped their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Finally, Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Trading Down 2.3 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The business’s 50-day moving average is $89.59 and its two-hundred day moving average is $84.66. The firm has a market cap of $110.25 billion, a P/E ratio of 29.04, a P/E/G ratio of 2.51 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced 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. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter last year, the company earned $1.20 EPS. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medtronic

A number of institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Medtronic in the 3rd quarter valued at about $9,504,000. Kestra Investment Management LLC acquired a new stake in shares of Medtronic in the third quarter valued at approximately $536,000. Point72 Hong Kong Ltd bought a new position in shares of Medtronic during the 3rd quarter worth approximately $568,000. FSA Wealth Management LLC acquired a new position in shares of Medtronic during the 3rd quarter worth approximately $72,000. Finally, Alethea Capital Management LLC bought a new stake in Medtronic in the 3rd quarter valued at $424,000. 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.