Todays Report: Today, Medtronic PLC (MDT) Price Target Cut to $85.00

Today, Medtronic PLC (MDT) Price Target Cut to $85.00

Medtronic PLC (NYSE:MDT) had its target price lowered by investment analysts at Barclays PLC from $93.00 to $85.00 in a research note issued to investors on Wednesday. The firm presently has an “overweight” rating on the medical technology company’s stock. Barclays PLC’s price objective would indicate a potential upside of 12.17% from the stock’s previous close.

MDT has been the topic of a number of other reports. Vetr raised Medtronic PLC from a “buy” rating to a “strong-buy” rating and set a $90.83 price target on the stock in a research report on Tuesday, November 1st. Deutsche Bank AG reissued a “buy” rating on shares of Medtronic PLC in a research report on Monday, October 31st. Zacks Investment Research raised Medtronic PLC from a “hold” rating to a “buy” rating and set a $92.00 price target on the stock in a research report on Wednesday, October 26th. Oppenheimer Holdings Inc. set a $94.00 price target on Medtronic PLC and gave the stock a “buy” rating in a research report on Tuesday. Finally, Credit Suisse Group AG reissued an “outperform” rating and issued a $92.00 price target on shares of Medtronic PLC in a research report on Thursday, August 25th. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $88.47.

Shares of Medtronic PLC (NYSE:MDT) opened at 75.78 on Wednesday. Medtronic PLC has a 52-week low of $71.03 and a 52-week high of $89.27. The firm has a 50-day moving average price of $82.26 and a 200-day moving average price of $84.71. The stock has a market capitalization of $104.72 billion, a P/E ratio of 29.49 and a beta of 1.01.

Medtronic PLC (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 22nd. The medical technology company reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.01. The business had revenue of $7.35 billion for the quarter, compared to analysts’ expectations of $7.46 billion. Medtronic PLC had a return on equity of 12.30% and a net margin of 14.63%. The business’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.03 EPS. On average, analysts predict that Medtronic PLC will post $4.63 EPS for the current year.

In related news, EVP Bryan C. Hanson sold 15,000 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $87.00, for a total value of $1,305,000.00. Following the completion of the transaction, the executive vice president now owns 168,192 shares of the company’s stock, valued at approximately $14,632,704. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Richard Kuntz sold 25,199 shares of the stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $86.67, for a total transaction of $2,183,997.33. Following the completion of the transaction, the vice president now directly owns 149,425 shares of the company’s stock, valued at approximately $12,950,664.75. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in MDT. Fayez Sarofim & Co. increased its position in shares of Medtronic PLC by 0.9% in the third quarter. Fayez Sarofim & Co. now owns 69,242 shares of the medical technology company’s stock worth $5,982,000 after buying an additional 600 shares during the last quarter. ETRADE Capital Management LLC increased its position in shares of Medtronic PLC by 1.5% in the third quarter. ETRADE Capital Management LLC now owns 33,277 shares of the medical technology company’s stock worth $2,875,000 after buying an additional 492 shares during the last quarter. D.A. Davidson & CO. increased its position in shares of Medtronic PLC by 86.9% in the third quarter. D.A. Davidson & CO. now owns 72,978 shares of the medical technology company’s stock worth $6,301,000 after buying an additional 33,929 shares during the last quarter. Whalerock Point Partners LLC acquired a new position in shares of Medtronic PLC during the third quarter worth approximately $263,000. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of Medtronic PLC during the third quarter worth approximately $24,964,000. 81.25% of the stock is owned by hedge funds and other institutional investors.

Medtronic PLC Company Profile

Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.

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