Medtronic (NYSE:MDT) Price Target Cut to $90.00

Medtronic (NYSE:MDT – Get Rating) had its target price decreased by equities researchers at Truist Financial from $93.00 to $90.00 in a note issued to investors on Friday, The Fly reports. Truist Financial’s price target suggests a potential upside of 7.73% from the stock’s current price.

Several other research analysts have also issued reports on the stock. UBS Group lowered shares of Medtronic from a “buy” rating to a “sell” rating and lowered their price target for the stock from $127.00 to $79.00 in a report on Wednesday, March 29th. StockNews.com began coverage on Medtronic in a report on Thursday, May 18th. They set a “buy” rating for the company. Deutsche Bank Aktiengesellschaft upped their target price on Medtronic from $80.00 to $87.00 in a research report on Wednesday, February 22nd. Sanford C. Bernstein dropped their price target on Medtronic from $100.00 to $99.00 in a research note on Friday. Finally, Barclays raised shares of Medtronic from an “equal weight” rating to an “overweight” rating in a research report on Monday, April 24th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $90.53.

Medtronic Stock Down 4.5 %

NYSE:MDT opened at $83.54 on Friday. Medtronic has a one year low of $75.76 and a one year high of $101.39. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.76 and a quick ratio of 1.39. The company has a market cap of $111.14 billion, a PE ratio of 27.48, a P/E/G ratio of 2.11 and a beta of 0.71. The firm’s 50 day simple moving average is $84.78 and its 200 day simple moving average is $82.11.

Medtronic (NYSE:MDT – Get Rating) last posted its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.01. The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.25 billion. Medtronic had a return on equity of 13.37% and a net margin of 13.20%. Medtronic’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.52 earnings per share. On average, research analysts anticipate that Medtronic will post 5.28 earnings per share for the current year.

Hedge Funds Weigh In On Medtronic

Large investors have recently bought and sold shares of the stock. Sageworth Trust Co bought a new position in shares of Medtronic during the first quarter valued at about $26,000. Syverson Strege & Co grew its holdings in shares of Medtronic by 52.9% in the fourth quarter. Syverson Strege & Co now owns 341 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 118 shares in the last quarter. Laurel Wealth Advisors LLC increased its position in shares of Medtronic by 250.0% during the first quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock valued at $28,000 after acquiring an additional 250 shares during the last quarter. Trivant Custom Portfolio Group LLC bought a new stake in Medtronic during the first quarter worth $31,000. Finally, Certified Advisory Corp purchased a new position in Medtronic in the first quarter worth $31,000. 80.37% of the stock is currently owned by institutional investors.

About Medtronic

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Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.