Robert W. Baird Has Lowered Expectations for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT) had its price objective decreased by Robert W. Baird from $96.00 to $93.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the medical technology company’s stock. Robert W. Baird’s price target points to a potential upside of 9.40% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. JPMorgan Chase & Co. cut their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Truist Financial boosted their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Finally, Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.60.

Medtronic Stock Down 2.9 %

Shares of NYSE MDT opened at $85.01 on Wednesday. Medtronic has a 52-week low of $74.66 and a 52-week high of $92.68. The firm has a market capitalization of $109.02 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 2.50 and a beta of 0.84. The stock has a 50 day moving average price of $89.30 and a 200 day moving average price of $84.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the previous year, the firm earned $1.25 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. Sell-side analysts expect that Medtronic will post 5.44 earnings per share for the current year.

Institutional Trading of Medtronic

A number of institutional investors have recently added to or reduced their stakes in MDT. Lake Street Advisors Group LLC bought a new position in shares of Medtronic during the first quarter valued at approximately $498,000. CreativeOne Wealth LLC increased its stake in Medtronic by 31.3% in the 1st quarter. CreativeOne Wealth LLC now owns 5,456 shares of the medical technology company’s stock worth $475,000 after purchasing an additional 1,300 shares in the last quarter. Freestone Capital Holdings LLC grew its position in Medtronic by 3.0% during the 1st quarter. Freestone Capital Holdings LLC now owns 24,350 shares of the medical technology company’s stock worth $2,122,000 after purchasing an additional 708 shares in the last quarter. Axxcess Wealth Management LLC increased its holdings in shares of Medtronic by 8.7% in the 1st quarter. Axxcess Wealth Management LLC now owns 27,536 shares of the medical technology company’s stock valued at $2,400,000 after purchasing an additional 2,194 shares during the period. Finally, Envoi LLC purchased a new position in shares of Medtronic during the 1st quarter valued at $26,145,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

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.