Truist Financial Trims Medtronic (NYSE:MDT) Target Price to $111.00

Medtronic (NYSE:MDTGet Rating) had its price objective lowered by equities researchers at Truist Financial to $111.00 in a research report issued on Friday, Stock Target Advisor reports. Truist Financial’s price objective would suggest a potential upside of 13.22% from the company’s previous close.

Several other analysts also recently commented on MDT. Piper Sandler dropped their target price on shares of Medtronic from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup dropped their target price on shares of Medtronic from $120.00 to $117.00 and set a “buy” rating on the stock in a report on Friday. Cowen set a $125.00 price target on shares of Medtronic and gave the stock an “outperform” rating in a research note on Monday. Bank of America initiated coverage on shares of Medtronic in a research note on Tuesday, March 1st. They set a “buy” rating for the company. Finally, Morgan Stanley decreased their price target on shares of Medtronic from $120.00 to $115.00 and set an “equal weight” rating for the company in a research note on Friday. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $123.52.

Shares of NYSE:MDT traded down $1.40 during mid-day trading on Friday, reaching $98.04. The stock had a trading volume of 525,580 shares, compared to its average volume of 6,233,002. The company has a current ratio of 2.61, a quick ratio of 2.10 and a debt-to-equity ratio of 0.46. The firm has a market cap of $131.52 billion, a PE ratio of 27.01, a price-to-earnings-growth ratio of 2.34 and a beta of 0.74. The firm has a 50 day simple moving average of $107.19 and a two-hundred day simple moving average of $107.19. Medtronic has a twelve month low of $98.18 and a twelve month high of $135.89.

Medtronic (NYSE:MDTGet Rating) last announced its earnings results on Thursday, May 26th. The medical technology company reported $1.52 EPS for the quarter, missing the consensus estimate of $1.56 by ($0.04). The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $8.43 billion. Medtronic had a return on equity of 14.57% and a net margin of 15.46%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business posted $1.50 earnings per share. On average, equities analysts anticipate that Medtronic will post 5.66 EPS for the current fiscal year.

In related news, CFO Karen L. Parkhill sold 682 shares of the business’s stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $110.00, for a total value of $75,020.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Carol A. Surface sold 6,000 shares of the business’s stock in a transaction dated 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 company insiders.

A number of hedge funds have recently bought and sold shares of the stock. Gradient Investments LLC raised its stake in Medtronic by 4.5% in the first quarter. Gradient Investments LLC now owns 178,071 shares of the medical technology company’s stock valued at $19,757,000 after purchasing an additional 7,596 shares in the last quarter. Midwest Wealth Management Inc. grew its position in Medtronic by 8.0% in the first quarter. Midwest Wealth Management Inc. now owns 14,393 shares of the medical technology company’s stock valued at $1,597,000 after acquiring an additional 1,060 shares during the last quarter. Fortitude Advisory Group L.L.C. grew its position in Medtronic by 18.9% in the first quarter. Fortitude Advisory Group L.L.C. now owns 1,797 shares of the medical technology company’s stock valued at $200,000 after acquiring an additional 286 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Medtronic by 35.3% in the first quarter. EverSource Wealth Advisors LLC now owns 8,661 shares of the medical technology company’s stock valued at $961,000 after acquiring an additional 2,258 shares during the last quarter. Finally, First National Bank of Omaha grew its position in Medtronic by 0.5% in the first quarter. First National Bank of Omaha now owns 160,167 shares of the medical technology company’s stock valued at $17,771,000 after acquiring an additional 824 shares during the last quarter. 80.23% of the stock is owned by institutional investors and hedge funds.

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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