Today: Today, Medtronic PLC (MDT) Trading Down 2.5% on Analyst Downgrade

Today, Medtronic PLC (MDT) Trading Down 2.5% on Analyst Downgrade

Medtronic PLC (NYSE:MDT)’s share price was down 2.5% during mid-day trading on Wednesday after Oppenheimer Holdings lowered their price target on the stock from $94.00 to $84.00. Oppenheimer Holdings currently has an outperform rating on the stock. Medtronic PLC traded as low as $72.03 and last traded at $75.45, with a volume of 8,950,741 shares traded. The stock had previously closed at $73.60.

Several other research analysts also recently weighed in on the stock. Vetr downgraded shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating and set a $91.28 target price on the stock. in a research report on Monday. Zacks Investment Research downgraded shares of Medtronic PLC from a “buy” rating to a “hold” rating in a research report on Friday, November 11th. Credit Suisse Group AG reissued an “outperform” rating and issued a $92.00 target price on shares of Medtronic PLC in a research report on Thursday, August 25th. Citigroup Inc. started coverage on shares of Medtronic PLC in a research report on Tuesday, August 23rd. They issued a “buy” rating and a $102.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $84.00 target price (down from $95.00) on shares of Medtronic PLC in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Medtronic PLC currently has a consensus rating of “Buy” and a consensus price target of $88.47.

In other news, EVP Bryan C. Hanson sold 15,000 shares of the business’s stock in a transaction on 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 sale, the executive vice president now owns 168,192 shares in the company, valued at approximately $14,632,704. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Omar Ishrak sold 61,925 shares of the business’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $84.93, for a total transaction of $5,259,290.25. Following the completion of the sale, the chief executive officer now owns 565,916 shares in the company, valued at approximately $48,063,245.88. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the stock. Kovitz Investment Group Partners LLC purchased a new stake in shares of Medtronic PLC during the first quarter valued at approximately $215,000. Lebenthal Asset Management LLC purchased a new stake in shares of Medtronic PLC during the first quarter valued at approximately $1,681,000. Boothbay Fund Management LLC increased its stake in shares of Medtronic PLC by 30.4% in the first quarter. Boothbay Fund Management LLC now owns 3,657 shares of the medical technology company’s stock valued at $274,000 after buying an additional 852 shares in the last quarter. Kistler Tiffany Companies LLC increased its stake in shares of Medtronic PLC by 2.1% in the second quarter. Kistler Tiffany Companies LLC now owns 1,776 shares of the medical technology company’s stock valued at $154,000 after buying an additional 36 shares in the last quarter. Finally, Deane Retirement Strategies Inc. purchased a new stake in shares of Medtronic PLC during the second quarter valued at approximately $2,505,000. Institutional investors own 81.25% of the company’s stock.

The stock has a market cap of $104.72 billion, a P/E ratio of 29.49 and a beta of 1.01. The company’s 50 day moving average is $82.26 and its 200 day moving average is $84.71.

Medtronic PLC (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.11 by $0.01. The company earned $7.35 billion during the quarter, compared to the consensus estimate of $7.46 billion. Medtronic PLC had a return on equity of 12.30% and a net margin of 14.63%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. Analysts expect that Medtronic PLC will post $4.63 earnings per share for the current fiscal year.

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