Medtronic (NYSE:MDT – Get Rating) had its price target dropped by investment analysts at Citigroup from $120.00 to $117.00 in a report issued on Friday, The Fly reports. Citigroup’s target price would indicate a potential upside of 17.66% from the stock’s previous close.
MDT has been the subject of several other research reports. Sanford C. Bernstein reissued a “buy” rating and issued a $122.00 price objective on shares of Medtronic in a research note on Friday, May 20th. Needham & Company LLC lowered Medtronic from a “buy” rating to a “hold” rating in a research note on Friday. Cowen set a $125.00 price target on shares of Medtronic and gave the stock an “outperform” rating in a report on Monday. StockNews.com started coverage on shares of Medtronic in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. Finally, Bank of America assumed coverage on shares of Medtronic in a research report on Tuesday, March 1st. They issued a “buy” rating for the company. Eleven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Medtronic currently has a consensus rating of “Buy” and an average price target of $124.96.
Shares of NYSE MDT opened at $99.44 on Friday. Medtronic has a 1-year low of $98.18 and a 1-year high of $135.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.61 and a quick ratio of 2.10. The business’s 50 day moving average is $107.19 and its two-hundred day moving average is $107.19. The stock has a market capitalization of $133.40 billion, a P/E ratio of 27.39, a PEG ratio of 2.34 and a beta of 0.74.
In related news, CFO Karen L. Parkhill sold 682 shares of the business’s stock in a transaction on 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 filing with the SEC, which can be accessed through the SEC website. Also, SVP Carol A. Surface sold 6,000 shares of the stock in a transaction dated 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. Corporate insiders own 0.47% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Medtronic by 6.5% in the first quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company’s stock valued at $13,375,853,000 after purchasing an additional 7,403,778 shares during the period. BlackRock Inc. boosted its position in Medtronic by 4.7% in the fourth quarter. BlackRock Inc. now owns 107,903,362 shares of the medical technology company’s stock valued at $11,162,603,000 after buying an additional 4,883,180 shares during the last quarter. State Street Corp boosted its position in Medtronic by 0.9% in the first quarter. State Street Corp now owns 58,504,184 shares of the medical technology company’s stock valued at $6,527,226,000 after buying an additional 529,855 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Medtronic by 0.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 45,408,187 shares of the medical technology company’s stock worth $4,697,477,000 after buying an additional 217,800 shares during the period. Finally, Lazard Asset Management LLC raised its position in Medtronic by 4.9% during the 4th quarter. Lazard Asset Management LLC now owns 25,370,323 shares of the medical technology company’s stock worth $2,624,558,000 after buying an additional 1,196,593 shares during the last quarter. Institutional investors own 80.23% of the company’s stock.
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.
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