Medtronic (NYSE:MDT) Hits New 12-Month Low After Analyst Downgrade

Medtronic plc (NYSE:MDTGet Rating)’s stock price reached a new 52-week low during mid-day trading on Tuesday after Cowen lowered their price target on the stock from $117.00 to $90.00. The company traded as low as $77.09 and last traded at $77.31, with a volume of 190083 shares changing hands. The stock had previously closed at $82.29.

A number of other analysts also recently issued reports on the company. Stifel Nicolaus lowered their target price on Medtronic from $105.00 to $90.00 in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered their target price on Medtronic from $85.00 to $80.00 in a research report on Wednesday. Morgan Stanley lowered their target price on Medtronic from $97.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Oppenheimer cut Medtronic from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $106.00 to $85.00 in a report on Wednesday. Finally, Piper Sandler reduced their price target on Medtronic from $90.00 to $80.00 in a report on Tuesday. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Hoedt Rob Ten sold 2,404 shares of the business’s stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $81.54, for a total transaction of $196,022.16. Following the completion of the transaction, the executive vice president now directly owns 43,483 shares in the company, valued at $3,545,603.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Castle Wealth Management LLC acquired a new position in shares of Medtronic during the second quarter worth $28,000. IAG Wealth Partners LLC boosted its position in shares of Medtronic by 58.1% during the 3rd quarter. IAG Wealth Partners LLC now owns 351 shares of the medical technology company’s stock worth $28,000 after purchasing an additional 129 shares in the last quarter. Tortoise Investment Management LLC raised its holdings in shares of Medtronic by 53.2% in the 2nd quarter. Tortoise Investment Management LLC now owns 357 shares of the medical technology company’s stock worth $32,000 after acquiring an additional 124 shares during the last quarter. West Branch Capital LLC raised its holdings in shares of Medtronic by 84.8% in the 2nd quarter. West Branch Capital LLC now owns 377 shares of the medical technology company’s stock worth $34,000 after acquiring an additional 173 shares during the last quarter. Finally, Fairfield Bush & CO. acquired a new stake in shares of Medtronic in the 1st quarter worth about $47,000. 79.81% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Up 1.4 %

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.23 and a current ratio of 1.58. The company has a market cap of $105.03 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 2.19 and a beta of 0.77. The stock’s fifty day moving average is $83.79 and its two-hundred day moving average is $89.87.

Medtronic (NYSE:MDTGet Rating) last posted its earnings results on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.02. Medtronic had a net margin of 16.75% and a return on equity of 13.64%. The company had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.70 billion. During the same quarter in the prior year, the business posted $1.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. Sell-side analysts predict that Medtronic plc will post 5.52 earnings per share for the current fiscal year.

About Medtronic

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Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.

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