Wells Fargo & Company Cuts Medtronic (NYSE:MDT) Price Target to $98.00

Medtronic (NYSE:MDT) had its price objective decreased by Wells Fargo & Company from $106.00 to $98.00 in a research note issued to investors on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical technology company’s stock.

A number of other brokerages have also commented on MDT. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler lifted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird lowered their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Price Performance

Medtronic stock opened at $86.21 on Wednesday. The stock has a market capitalization of $110.56 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 2.40 and a beta of 0.84. Medtronic has a 52-week low of $75.96 and a 52-week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84. The stock’s 50 day moving average price is $88.99 and its two-hundred day moving average price is $84.89.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 earnings per share. On average, equities analysts predict that Medtronic will post 5.46 earnings per share for the current year.

Institutional Trading of Medtronic

Institutional investors and hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC bought a new position in Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the 3rd quarter worth $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the 3rd quarter worth about $27,000. Lynx Investment Advisory bought a new position in Medtronic during the second quarter valued at about $28,000. Finally, J. Stern & Co. LLP purchased a new stake in Medtronic during the third quarter worth about $30,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Company Profile

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.