Medtronic (NYSE:MDT) Given New $90.00 Price Target at Truist Financial

Medtronic (NYSE:MDT) had its price objective lowered by investment analysts at Truist Financial from $93.00 to $90.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “hold” rating on the medical technology company’s stock. Truist Financial’s price target indicates a potential upside of 8.84% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. UBS Group lifted their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Robert W. Baird increased their price objective on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $96.14.

Medtronic Price Performance

Shares of MDT stock opened at $82.69 on Friday. The firm has a fifty day moving average of $89.71 and a two-hundred day moving average of $87.65. The firm has a market cap of $106.05 billion, a P/E ratio of 25.13, a P/E/G ratio of 2.22 and a beta of 0.79. Medtronic has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. As a group, research analysts anticipate that Medtronic will post 5.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Medtronic during the 4th quarter valued at $1,163,580,000. Raymond James Financial Inc. bought a new position in Medtronic during the fourth quarter valued at about $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in Medtronic during the fourth quarter worth about $377,169,000. Van ECK Associates Corp raised its position in Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock worth $207,540,000 after acquiring an additional 2,476,935 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after purchasing an additional 2,333,600 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

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.