Medtronic (NYSE:MDT) Price Target Cut to $117.00 by Analysts at Citigroup

Medtronic (NYSE:MDTGet 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.

Medtronic (NYSE:MDTGet Rating) last released its earnings results on Thursday, May 26th. The medical technology company reported $1.52 earnings per share for the quarter, missing the consensus estimate of $1.56 by ($0.04). The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $8.43 billion. Medtronic had a net margin of 15.46% and a return on equity of 14.57%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.50 EPS. As a group, equities research analysts anticipate that Medtronic will post 5.66 earnings per share for the current fiscal year.

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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