Medtronic (NYSE:MDT) Price Target Cut to $142.00 by Analysts at Truist

Medtronic (NYSE:MDT) had its price target lowered by Truist from $148.00 to $142.00 in a research note released on Wednesday, The Fly reports. Truist currently has a buy rating on the medical technology company’s stock.

A number of other brokerages also recently issued reports on MDT. UBS Group upped their price target on Medtronic from $145.00 to $149.00 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. Citigroup lowered their price target on Medtronic from $153.00 to $146.00 and set a buy rating for the company in a report on Wednesday. BTIG Research downgraded Medtronic from a buy rating to a neutral rating in a report on Monday, August 9th. Finally, Wells Fargo & Company lowered their price target on Medtronic from $144.00 to $137.00 and set an overweight rating for the company in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $142.50.

MDT stock opened at $114.44 on Wednesday. Medtronic has a 1 year low of $110.06 and a 1 year high of $135.89. The firm has a market capitalization 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. The business’s 50-day moving average is $123.16 and its two-hundred day moving average is $126.17.

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

In other Medtronic news, SVP Bradley E. Lerman sold 49,147 shares of the stock in a transaction on Thursday, September 30th. The stock was sold at an average price of $126.58, for a total value of $6,221,027.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Bradley E. Lerman sold 50,775 shares of the stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $134.17, for a total value of $6,812,481.75. The disclosure for this sale can be found here. 0.47% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of MDT. Ibex Wealth Advisors acquired a new stake in shares of Medtronic during the third quarter valued at $26,000. MD Financial Management Inc. boosted its stake in shares of Medtronic by 100.0% during the third quarter. MD Financial Management Inc. now owns 210 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 105 shares during the last quarter. Mascoma Wealth Management LLC acquired a new stake in shares of Medtronic during the third quarter valued at $34,000. Selective Wealth Management Inc. boosted its stake in shares of Medtronic by 459.2% during the third quarter. Selective Wealth Management Inc. now owns 274 shares of the medical technology company’s stock valued at $34,000 after acquiring an additional 225 shares during the last quarter. Finally, Corbenic Partners LLC boosted its stake in shares of Medtronic by 264.2% during the second quarter. Corbenic Partners LLC now owns 295 shares of the medical technology company’s stock valued at $37,000 after acquiring an additional 214 shares during the last quarter. 79.58% of the stock is currently owned by institutional investors.

Medtronic Company Profile

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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