Medtronic (NYSE:MDT) Given New $137.00 Price Target at Wells Fargo & Company

Medtronic (NYSE:MDT) had its price target decreased by Wells Fargo & Company from $144.00 to $137.00 in a report released on Wednesday, The Fly reports. Wells Fargo & Company currently has an overweight rating on the medical technology company’s stock.

Several other research firms have also commented on MDT. Truist Securities lifted their price target on shares of Medtronic from $138.00 to $148.00 and gave the company a buy rating in a report on Wednesday, August 25th. Piper Sandler reaffirmed an overweight rating and issued a $152.00 price target (up from $140.00) on shares of Medtronic in a report on Tuesday, August 24th. Argus lifted their price target on shares of Medtronic from $150.00 to $165.00 and gave the company a buy rating in a report on Friday, August 27th. Citigroup decreased their price target on shares of Medtronic from $153.00 to $146.00 and set a buy rating for the company in a report on Wednesday. Finally, BTIG Research lowered shares of Medtronic from a buy rating to a neutral rating in a report on Monday, August 9th. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of Buy and an average target price of $142.50.

Shares of MDT stock opened at $114.44 on Wednesday. The firm has a market cap of $153.80 billion, a P/E ratio of 40.01, a P/E/G ratio of 3.09 and a beta of 0.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.89 and a quick ratio of 2.34. Medtronic has a 1-year low of $110.06 and a 1-year high of $135.89. The firm has a fifty day moving average of $123.16 and a two-hundred day moving average of $126.17.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Monday, November 22nd. The medical technology company reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.03. The company had revenue of $7.85 billion during the quarter, compared to analyst estimates of $7.98 billion. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the business earned $1.02 EPS. On average, sell-side analysts expect that Medtronic will post 5.69 EPS for the current year.

In related news, SVP Bradley E. Lerman sold 49,147 shares of the business’s stock in a transaction that occurred on Thursday, September 30th. The shares were sold at an average price of $126.58, for a total value of $6,221,027.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Bradley E. Lerman sold 50,775 shares of the business’s stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $134.17, for a total transaction of $6,812,481.75. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Medtronic by 0.6% in the second quarter. Vanguard Group Inc. now owns 111,779,290 shares of the medical technology company’s stock worth $13,875,162,000 after acquiring an additional 717,126 shares in the last quarter. State Street Corp increased its position in shares of Medtronic by 2.1% in the second quarter. State Street Corp now owns 55,848,049 shares of the medical technology company’s stock worth $6,967,102,000 after acquiring an additional 1,128,738 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Medtronic by 1.7% in the second quarter. Lazard Asset Management LLC now owns 24,598,840 shares of the medical technology company’s stock worth $3,053,451,000 after acquiring an additional 410,663 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Medtronic by 3.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 22,692,418 shares of the medical technology company’s stock worth $2,816,810,000 after acquiring an additional 735,134 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Medtronic by 1.7% in the third quarter. Geode Capital Management LLC now owns 22,173,208 shares of the medical technology company’s stock worth $2,771,615,000 after acquiring an additional 360,078 shares in the last quarter. 79.58% of the stock is currently owned by institutional investors and hedge funds.

About Medtronic

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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