Medtronic (NYSE:MDT) Downgraded to “Neutral” at Citigroup

Medtronic (NYSE:MDTGet Rating) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, MarketBeat reports. They currently have a $85.00 price target on the medical technology company’s stock, down from their previous price target of $108.00. Citigroup’s price target suggests a potential upside of 7.57% from the company’s current price.

Several other equities research analysts have also recently weighed in on MDT. Royal Bank of Canada reduced their price target on shares of Medtronic from $122.00 to $110.00 in a research report on Wednesday, September 7th. Mizuho began coverage on shares of Medtronic in a research report on Wednesday, October 12th. They issued a “buy” rating and a $100.00 price target on the stock. Deutsche Bank Aktiengesellschaft cut shares of Medtronic from a “buy” rating to a “hold” rating and set a $85.00 price target on the stock. in a research report on Wednesday, November 16th. StockNews.com began coverage on shares of Medtronic in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock. Finally, Piper Sandler reduced their price target on shares of Medtronic from $90.00 to $80.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $98.00.

Medtronic Trading Up 1.4 %

Medtronic stock opened at $79.02 on Wednesday. The stock has a market cap of $105.03 billion, a P/E ratio of 24.54, a PEG ratio of 2.17 and a beta of 0.77. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.76 and a quick ratio of 1.23. Medtronic has a 1 year low of $76.60 and a 1 year high of $115.28. The firm’s 50 day moving average price is $83.56 and its 200-day moving average price is $89.79.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings data on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.02. The firm had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.70 billion. Medtronic had a net margin of 14.03% and a return on equity of 13.52%. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.32 earnings per share. On average, equities analysts predict that Medtronic will post 5.28 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Hoedt Rob Ten sold 2,404 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 43,483 shares of the company’s stock, valued at $3,545,603.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Trading of Medtronic

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Medtronic by 0.9% in the third quarter. Vanguard Group Inc. now owns 123,861,994 shares of the medical technology company’s stock worth $10,001,857,000 after purchasing an additional 1,056,995 shares in the last quarter. BlackRock Inc. raised its holdings in Medtronic by 5.1% in the third quarter. BlackRock Inc. now owns 115,998,561 shares of the medical technology company’s stock worth $9,366,883,000 after purchasing an additional 5,620,477 shares in the last quarter. State Street Corp raised its holdings in Medtronic by 1.6% in the third quarter. State Street Corp now owns 58,989,713 shares of the medical technology company’s stock worth $4,802,998,000 after purchasing an additional 928,929 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Medtronic by 6.8% during the first quarter. Capital Research Global Investors now owns 22,023,597 shares of the medical technology company’s stock valued at $2,443,518,000 after acquiring an additional 1,405,249 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Medtronic by 33.1% during the third quarter. Bank of New York Mellon Corp now owns 19,374,686 shares of the medical technology company’s stock valued at $1,564,508,000 after acquiring an additional 4,816,172 shares in the last quarter. 79.81% of the stock is currently owned by institutional investors.

Medtronic Company Profile

(Get Rating)

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.

Featured Stories

Analyst Recommendations for Medtronic (NYSE:MDT)

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.