Medtronic (NYSE:MDT – Get Rating) was downgraded by equities research analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $85.00 price objective on the medical technology company’s stock, down from their prior price objective of $106.00. Oppenheimer’s target price points to a potential upside of 7.57% from the stock’s current price. Oppenheimer also issued estimates for Medtronic’s Q3 2023 earnings at $1.26 EPS, FY2023 earnings at $5.26 EPS and FY2024 earnings at $5.44 EPS.
A number of other equities research analysts have also recently weighed in on MDT. Citigroup cut Medtronic from a “buy” rating to a “neutral” rating and dropped their price target for the company from $108.00 to $85.00 in a report on Wednesday. Mizuho assumed coverage on Medtronic in a report on Wednesday, October 12th. They set a “buy” rating and a $100.00 price target for the company. Truist Financial dropped their price target on Medtronic from $97.00 to $89.00 and set a “hold” rating for the company in a report on Monday, October 17th. Wells Fargo & Company dropped their price target on Medtronic from $96.00 to $82.00 in a report on Wednesday. Finally, Barclays began coverage on Medtronic in a research note on Monday, October 17th. They issued an “equal weight” rating and a $90.00 target price for the company. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $98.00.
Medtronic Trading Up 1.4 %
Shares of MDT opened at $79.02 on Wednesday. Medtronic has a 1 year low of $76.60 and a 1 year high of $115.28. The company has a current ratio of 1.76, a quick ratio of 1.23 and a debt-to-equity ratio of 0.40. The stock has a 50 day simple moving average of $83.56 and a 200-day simple moving average of $89.79. The stock has a market cap of $105.03 billion, a PE ratio of 24.54, a PEG ratio of 2.17 and a beta of 0.77.
Insiders Place Their Bets
In other Medtronic news, EVP Hoedt Rob Ten sold 2,404 shares of Medtronic stock in a transaction dated Friday, October 14th. The stock was sold at an average price of $81.54, for a total transaction of $196,022.16. Following the transaction, the executive vice president now directly owns 43,483 shares in the company, valued at $3,545,603.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Medtronic by 0.9% during 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 acquiring an additional 1,056,995 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Medtronic by 5.1% in the third quarter. BlackRock Inc. now owns 115,998,561 shares of the medical technology company’s stock valued at $9,366,883,000 after purchasing an additional 5,620,477 shares in the last quarter. State Street Corp lifted its holdings in shares of Medtronic by 1.6% in the third quarter. State Street Corp now owns 58,989,713 shares of the medical technology company’s stock valued at $4,802,998,000 after purchasing an additional 928,929 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Medtronic by 6.8% in 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 purchasing an additional 1,405,249 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Medtronic by 33.1% in 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 purchasing an additional 4,816,172 shares in the last quarter. 79.81% of the stock is currently owned by institutional investors.
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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