Medtronic (NYSE:MDT) PT Lowered to $117.00 at Citigroup

Medtronic (NYSE:MDT – Get Rating) had its target price dropped by analysts at Citigroup from $120.00 to $117.00 in a research report issued on Friday, The Fly reports. Citigroup’s price objective would suggest a potential upside of 17.66% from the company’s current price.

Other analysts have also issued research reports about the stock. Cowen set a $125.00 price target on shares of Medtronic and gave the company an “outperform” rating in a research report on Monday. Truist Financial downgraded Medtronic from a “buy” rating to a “hold” rating and reduced their target price for the company from $124.00 to $121.00 in a research report on Wednesday, April 13th. StockNews.com assumed coverage on Medtronic in a report on Thursday, March 31st. They set a “buy” rating for the company. Bank of America assumed coverage on shares of Medtronic in a report on Tuesday, March 1st. They issued a “buy” rating on the stock. Finally, Raymond James decreased their target price on shares of Medtronic from $127.00 to $116.00 and set an “outperform” rating on the stock in a research report on Friday, February 18th. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Buy” and a consensus target price of $124.96.

Shares of MDT opened at $99.44 on Friday. Medtronic has a 52-week low of $98.18 and a 52-week high of $135.89. The company has a quick ratio of 2.10, a current ratio of 2.61 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $107.19 and a two-hundred day simple moving average of $107.19. The company has a market capitalization of $133.40 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 2.34 and a beta of 0.74.

Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings data on Thursday, May 26th. The medical technology company reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04). Medtronic had a net margin of 15.46% and a return on equity of 14.57%. The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $8.43 billion. During the same period in the prior year, the company posted $1.50 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic will post 5.66 earnings per share for the current fiscal year.

In other news, CFO Karen L. Parkhill sold 682 shares of the firm’s stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $110.00, for a total transaction of $75,020.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Carol A. Surface sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, March 11th. The shares were sold at an average price of $105.30, for a total value of $631,800.00. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Gulf International Bank UK Ltd purchased a new stake in shares of Medtronic in the 4th quarter valued at about $23,005,000. Braun Stacey Associates Inc. acquired a new stake in shares of Medtronic in the third quarter valued at approximately $16,242,000. TownSquare Capital LLC grew its position in shares of Medtronic by 14.6% during the third quarter. TownSquare Capital LLC now owns 52,817 shares of the medical technology company’s stock worth $6,620,000 after acquiring an additional 6,745 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Medtronic by 128.5% during the third quarter. Renaissance Technologies LLC now owns 457,841 shares of the medical technology company’s stock worth $57,390,000 after acquiring an additional 257,500 shares during the last quarter. Finally, KCM Investment Advisors LLC increased its holdings in shares of Medtronic by 3.4% in the 3rd quarter. KCM Investment Advisors LLC now owns 98,989 shares of the medical technology company’s stock valued at $12,408,000 after acquiring an additional 3,278 shares during the period. 80.23% of the stock is owned by hedge funds and other institutional investors.

About Medtronic (Get Rating)

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software.

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