Medtronic (NYSE:MDT) Downgraded to Neutral at Atlantic Securities

Medtronic (NYSE:MDTGet Rating) was downgraded by Atlantic Securities from an “overweight” rating to a “neutral” rating in a report issued on Wednesday, The Fly reports.

A number of other analysts also recently weighed in on MDT. Truist Financial reduced their price target on shares of Medtronic from $121.00 to $111.00 and set a “hold” rating for the company in a report on Friday, May 27th. Sanford C. Bernstein reissued a “buy” rating and set a $122.00 price target on shares of Medtronic in a report on Friday, May 20th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Medtronic from $149.00 to $121.00 in a research report on Friday, May 27th. Piper Sandler lowered their price objective on shares of Medtronic from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, May 26th. Finally, StockNews.com assumed coverage on shares of Medtronic in a research report on Thursday, March 31st. They set a “buy” rating for the company. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $122.32.

Shares of NYSE:MDT opened at $100.15 on Wednesday. The company has a market cap of $134.36 billion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 2.35 and a beta of 0.74. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.49 and a current ratio of 1.86. The firm has a 50 day simple moving average of $106.60 and a 200 day simple moving average of $106.65. Medtronic has a 52 week low of $96.86 and a 52 week high of $135.89.

Medtronic (NYSE:MDTGet Rating) last announced its quarterly 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). Medtronic had a return on equity of 14.50% and a net margin of 15.90%. The business had revenue of $8.09 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same quarter last year, the company earned $1.50 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities analysts predict that Medtronic will post 5.57 earnings per share for the current year.

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

A number of hedge funds have recently modified their holdings of MDT. City State Bank lifted its holdings in shares of Medtronic by 4.7% during the first quarter. City State Bank now owns 12,123 shares of the medical technology company’s stock valued at $1,345,000 after purchasing an additional 545 shares in the last quarter. Gradient Investments LLC grew its position in shares of Medtronic by 4.5% during the first quarter. Gradient Investments LLC now owns 178,071 shares of the medical technology company’s stock worth $19,757,000 after purchasing an additional 7,596 shares in the last quarter. Midwest Wealth Management Inc. grew its position in shares of Medtronic by 8.0% during the first quarter. Midwest Wealth Management Inc. now owns 14,393 shares of the medical technology company’s stock worth $1,597,000 after purchasing an additional 1,060 shares in the last quarter. Fortitude Advisory Group L.L.C. grew its position in shares of Medtronic by 18.9% during the first quarter. Fortitude Advisory Group L.L.C. now owns 1,797 shares of the medical technology company’s stock worth $200,000 after purchasing an additional 286 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Medtronic by 35.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 8,661 shares of the medical technology company’s stock valued at $961,000 after buying an additional 2,258 shares in the last quarter. 80.23% of the stock is currently owned by 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.

Featured Stories

The Fly logo

Analyst Recommendations for Medtronic (NYSE:MDT)

Want More Great Investing Ideas?

Receive News & Ratings for Medtronic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Medtronic and related companies with MarketBeat.com's FREE daily email newsletter.