Medtronic (NYSE:MDT) Price Target Cut to $90.00 by Analysts at Truist Financial

Medtronic (NYSE:MDT) had its price objective lowered by research analysts at Truist Financial from $93.00 to $90.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “hold” rating on the medical technology company’s stock. Truist Financial’s target price suggests a potential upside of 9.28% from the stock’s current price.

MDT has been the topic of a number of other reports. UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Robert W. Baird boosted their price target on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price objective 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 company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $96.14.

Medtronic Price Performance

Shares of Medtronic stock opened at $82.35 on Friday. The firm has a market cap of $105.62 billion, a PE ratio of 25.01, a PEG ratio of 2.22 and a beta of 0.79. Medtronic has a 12 month low of $75.96 and a 12 month high of $96.25. The stock has a 50 day moving average of $89.88 and a 200 day moving average of $87.69. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

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

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the 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 sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the 4th quarter valued at $26,000. Stephens Consulting LLC boosted its stake in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares during the period. Rakuten Securities Inc. grew its holdings in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in Medtronic during the 4th quarter worth $27,000. Finally, Optiver Holding B.V. purchased a new position in Medtronic in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.