Medtronic (NYSE:MDT) Price Target Lowered to $142.00 at Truist Securities

Medtronic (NYSE:MDT) had its price target trimmed by Truist Securities from $148.00 to $142.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. The brokerage currently has a buy rating on the medical technology company’s stock.

A number of other analysts have also commented on the company. Oppenheimer decreased their price objective on Medtronic from $150.00 to $145.00 and set an outperform rating on the stock in a research note on Wednesday. Wells Fargo & Company decreased their price target on Medtronic from $144.00 to $137.00 and set an overweight rating on the stock in a research note on Wednesday. Stifel Nicolaus raised their price target on Medtronic from $140.00 to $145.00 and gave the stock a buy rating in a research note on Wednesday, August 25th. Needham & Company LLC decreased their price target on Medtronic from $152.00 to $145.00 and set a buy rating on the stock in a research note on Tuesday. Finally, Piper Sandler reissued an overweight rating and issued a $152.00 price target (up from $140.00) on shares of Medtronic in a research note on Tuesday, August 24th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Buy and an average target price of $142.50.

MDT opened at $114.44 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 2.89 and a debt-to-equity ratio of 0.50. The firm has a market cap of $153.80 billion, a P/E ratio of 40.01, a PEG ratio of 3.09 and a beta of 0.76. Medtronic has a 52 week low of $110.06 and a 52 week high of $135.89. The business’s fifty day simple moving average is $123.16 and its 200 day simple moving average is $126.17.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Monday, November 22nd. The medical technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.03. The business had revenue of $7.85 billion for the quarter, compared to analyst estimates of $7.98 billion. Medtronic had a return on equity of 13.85% and a net margin of 12.29%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.02 earnings per share. As a group, equities analysts expect that Medtronic will post 5.69 EPS for the current fiscal year.

In other Medtronic news, SVP Bradley E. Lerman sold 50,775 shares of the firm’s stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $134.17, for a total transaction of $6,812,481.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Bradley E. Lerman sold 49,147 shares of the firm’s stock in a transaction that occurred on Thursday, September 30th. The shares were sold at an average price of $126.58, for a total value of $6,221,027.26. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Ibex Wealth Advisors acquired a new position in shares of Medtronic in the 3rd quarter worth approximately $26,000. MD Financial Management Inc. grew its position in shares of Medtronic by 100.0% in the 3rd quarter. MD Financial Management Inc. now owns 210 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 105 shares in the last quarter. Mascoma Wealth Management LLC acquired a new position in shares of Medtronic in the 3rd quarter worth approximately $34,000. Selective Wealth Management Inc. grew its position in shares of Medtronic by 459.2% in the 3rd quarter. Selective Wealth Management Inc. now owns 274 shares of the medical technology company’s stock worth $34,000 after acquiring an additional 225 shares in the last quarter. Finally, Corbenic Partners LLC grew its position in shares of Medtronic by 264.2% in the 2nd quarter. Corbenic Partners LLC now owns 295 shares of the medical technology company’s stock worth $37,000 after acquiring an additional 214 shares in the last quarter. Institutional investors own 79.58% of the company’s stock.

About Medtronic

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: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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