Shares of Medtronic plc (NYSE:MDT – Get Rating) reached a new 52-week low on Monday after Barclays lowered their price target on the stock from $90.00 to $85.00. Barclays currently has an equal weight rating on the stock. Medtronic traded as low as $76.18 and last traded at $76.18, with a volume of 227556 shares trading hands. The stock had previously closed at $79.12.
MDT has been the subject of a number of other reports. Stifel Nicolaus reduced their target price on shares of Medtronic from $105.00 to $90.00 in a report on Wednesday, November 23rd. Wells Fargo & Company reduced their target price on shares of Medtronic from $96.00 to $82.00 in a report on Wednesday, November 23rd. Raymond James lowered Medtronic from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 24th. TheStreet lowered Medtronic from a “b-” rating to a “c+” rating in a research note on Monday, August 1st. Finally, Royal Bank of Canada dropped their price target on Medtronic from $110.00 to $102.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 23rd. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average price target of $97.79.
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 completion of the sale, the executive vice president now directly owns 43,483 shares of the company’s stock, valued at approximately $3,545,603.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by company insiders.
Institutional Trading of Medtronic
Several institutional investors and hedge funds have recently made changes to their positions in the company. Castle Wealth Management LLC acquired a new position in Medtronic in the 2nd quarter valued at about $28,000. IAG Wealth Partners LLC lifted its position in Medtronic by 58.1% during the 3rd quarter. IAG Wealth Partners LLC now owns 351 shares of the medical technology company’s stock worth $28,000 after acquiring an additional 129 shares during the period. Tortoise Investment Management LLC raised its stake in shares of Medtronic by 53.2% during the second quarter. Tortoise Investment Management LLC now owns 357 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 124 shares during the last quarter. West Branch Capital LLC lifted its holdings in shares of Medtronic by 84.8% during the second quarter. West Branch Capital LLC now owns 377 shares of the medical technology company’s stock worth $34,000 after purchasing an additional 173 shares during the period. Finally, Annapolis Financial Services LLC lifted its holdings in shares of Medtronic by 368.0% during the third quarter. Annapolis Financial Services LLC now owns 482 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 379 shares during the period. 79.81% of the stock is owned by hedge funds and other institutional investors.
Medtronic Trading Down 3.9 %
The company has a quick ratio of 1.41, a current ratio of 1.76 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average of $83.10 and a two-hundred day moving average of $89.42. The stock has a market capitalization of $101.11 billion, a price-to-earnings ratio of 24.57, a P/E/G ratio of 2.47 and a beta of 0.77.
Medtronic (NYSE:MDT – Get Rating) last issued its quarterly earnings results on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.02. Medtronic had a return on equity of 13.52% and a net margin of 14.03%. The firm had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.70 billion. During the same period last year, the company earned $1.32 earnings per share. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, research analysts expect that Medtronic plc will post 5.26 EPS for the current year.
About Medtronic
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.