Medtronic (NYSE:MDT) Price Target Lowered to $82.00 at Wells Fargo & Company

Medtronic (NYSE:MDTGet Rating) had its price target decreased by research analysts at Wells Fargo & Company from $96.00 to $82.00 in a research note issued on Wednesday, The Fly reports. Wells Fargo & Company‘s price objective would indicate a potential upside of 3.77% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group started coverage on Medtronic in a research note on Wednesday, October 12th. They set a “hold” rating and a $87.00 price target for the company. Barclays started coverage on Medtronic in a research note on Monday, October 17th. They set an “equal weight” rating and a $90.00 price target for the company. StockNews.com started coverage on Medtronic in a research note on Wednesday, October 12th. They set a “buy” rating for the company. Citigroup downgraded Medtronic from a “buy” rating to a “neutral” rating and cut their price target for the company from $108.00 to $85.00 in a research note on Wednesday. Finally, TheStreet downgraded Medtronic from a “b-” rating to a “c+” rating in a research note on Monday, August 1st. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $98.00.

Medtronic Stock Performance

Shares of MDT opened at $79.02 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.76 and a quick ratio of 1.23. The stock has a 50-day moving average of $83.56 and a 200-day moving average of $89.79. The company has a market cap of $105.03 billion, a PE ratio of 24.54, a P/E/G ratio of 2.17 and a beta of 0.77. Medtronic has a one year low of $76.60 and a one year high of $115.28.

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

Insider Buying and Selling

In related news, EVP Hoedt Rob Ten sold 2,404 shares of Medtronic stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $81.54, for a total value of $196,022.16. Following the sale, the executive vice president now owns 43,483 shares of the company’s stock, valued at approximately $3,545,603.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Medtronic

Hedge funds have recently modified their holdings of the stock. Bivin & Associates Inc. lifted its holdings in Medtronic by 1.1% during the second quarter. Bivin & Associates Inc. now owns 9,785 shares of the medical technology company’s stock worth $878,000 after buying an additional 110 shares during the period. Abbrea Capital LLC boosted its position in Medtronic by 1.7% during the second quarter. Abbrea Capital LLC now owns 6,632 shares of the medical technology company’s stock valued at $600,000 after purchasing an additional 112 shares in the last quarter. HighTower Trust Services LTA grew its stake in Medtronic by 2.4% in the second quarter. HighTower Trust Services LTA now owns 4,819 shares of the medical technology company’s stock valued at $424,000 after purchasing an additional 113 shares during the last quarter. Hotaling Investment Management LLC grew its stake in Medtronic by 0.6% in the second quarter. Hotaling Investment Management LLC now owns 20,675 shares of the medical technology company’s stock valued at $1,856,000 after purchasing an additional 114 shares during the last quarter. Finally, Poehling Capital Management INC. raised its holdings in Medtronic by 5.1% in the first quarter. Poehling Capital Management INC. now owns 2,387 shares of the medical technology company’s stock worth $265,000 after purchasing an additional 115 shares in the last quarter. Institutional investors own 79.81% of the company’s stock.

Medtronic Company Profile

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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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