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

Shares of Medtronic plc (NYSE:MDT) dropped 0.7% during trading on Tuesday . The company traded as low as $85.10 and last traded at $85.13. Approximately 1,153,874 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 6,268,986 shares. The stock had previously closed at $85.75.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MDT. Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus upped their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Robert W. Baird dropped their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Citigroup boosted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.27.

Medtronic Price Performance

The firm has a market capitalization of $110.66 billion, a P/E ratio of 26.39, a PEG ratio of 2.43 and a beta of 0.84. The business’s 50-day simple moving average is $88.81 and its 200 day simple moving average is $84.96. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the firm earned $1.25 EPS. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. Sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Hedge Funds Weigh In On Medtronic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Synovus Financial Corp lifted its position in Medtronic by 1.2% in the third quarter. Synovus Financial Corp now owns 66,738 shares of the medical technology company’s stock valued at $6,008,000 after purchasing an additional 783 shares during the last quarter. Wilmington Savings Fund Society FSB raised its holdings in Medtronic by 449.3% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 73,373 shares of the medical technology company’s stock valued at $6,606,000 after buying an additional 60,016 shares during the last quarter. World Investment Advisors LLC raised its holdings in Medtronic by 212.9% during the 3rd quarter. World Investment Advisors LLC now owns 126,314 shares of the medical technology company’s stock valued at $11,372,000 after buying an additional 85,947 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in Medtronic by 6.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 181,843 shares of the medical technology company’s stock worth $15,677,000 after acquiring an additional 11,651 shares during the last quarter. Finally, Boyar Asset Management Inc. increased its position in shares of Medtronic by 8.0% in the third quarter. Boyar Asset Management Inc. now owns 5,213 shares of the medical technology company’s stock valued at $469,000 after acquiring an additional 385 shares during the period. 82.06% of the stock is currently owned by institutional investors.

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.