Medtronic (NYSE:MDT) Price Target Cut to $120.00

Medtronic (NYSE:MDTGet Rating) had its target price reduced by equities researchers at Citigroup from $127.00 to $120.00 in a research report issued to clients and investors on Tuesday, The Fly reports. Citigroup’s target price would suggest a potential upside of 15.60% from the company’s current price.

Several other brokerages also recently issued reports on MDT. Piper Sandler cut their price objective on shares of Medtronic from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Wednesday, February 16th. Bank of America assumed coverage on Medtronic in a report on Tuesday, March 1st. They set a “buy” rating for the company. The Goldman Sachs Group lowered their price objective on Medtronic from $129.00 to $115.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 18th. Raymond James dropped their target price on Medtronic from $127.00 to $116.00 and set an “outperform” rating for the company in a report on Friday, February 18th. Finally, Credit Suisse Group decreased their price target on shares of Medtronic from $142.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 23rd. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $127.76.

MDT stock opened at $103.81 on Tuesday. Medtronic has a 1-year low of $98.38 and a 1-year high of $135.89. The business’s 50 day simple moving average is $107.54 and its 200 day simple moving average is $108.08. 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 capitalization of $139.27 billion, a PE ratio of 28.60, a PEG ratio of 2.34 and a beta of 0.74.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings data on Tuesday, February 22nd. The medical technology company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.36 by $0.01. The firm had revenue of $7.76 billion for the quarter, compared to the consensus estimate of $7.91 billion. Medtronic had a net margin of 15.46% and a return on equity of 14.57%. The company’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the company earned $1.29 earnings per share. As a group, sell-side analysts predict that Medtronic will post 5.66 EPS for the current fiscal year.

In other news, CFO Karen L. Parkhill sold 682 shares of Medtronic stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $110.00, for a total transaction of $75,020.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Carol A. Surface sold 6,000 shares of the company’s stock in a transaction that occurred on 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 insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dixon Hughes Goodman Wealth Advisors LLC bought a new position in shares of Medtronic during the fourth quarter worth about $25,000. PYA Waltman Capital LLC acquired a new stake in Medtronic during the 4th quarter valued at approximately $25,000. Horan Securities Inc. bought a new position in Medtronic during the 4th quarter worth approximately $25,000. Landmark Wealth Management LLC acquired a new position in shares of Medtronic in the 1st quarter worth approximately $25,000. Finally, Ibex Wealth Advisors bought a new stake in shares of Medtronic in the 3rd quarter valued at $26,000. 80.23% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Company Profile (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.

Further Reading

The Fly logo

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.