Medtronic (NYSE:MDT) Shares Down 0.3% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) dropped 0.3% during trading on Monday . The company traded as low as $85.94 and last traded at $86.28. Approximately 906,879 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 6,248,844 shares. The stock had previously closed at $86.54.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Evercore ISI raised their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Stifel Nicolaus raised their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Finally, Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.27.

Medtronic Stock Performance

The company has a market cap of $109.75 billion, a P/E ratio of 26.21, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. The stock has a 50 day moving average price of $88.54 and a two-hundred day moving average price of $85.00. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

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

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently added to or reduced their stakes in the stock. Mather Group LLC. lifted its holdings in shares of Medtronic by 6.3% during the 2nd quarter. Mather Group LLC. now owns 3,304 shares of the medical technology company’s stock worth $288,000 after acquiring an additional 197 shares during the period. Bourgeon Capital Management LLC boosted its holdings in shares of Medtronic by 0.5% in the 2nd quarter. Bourgeon Capital Management LLC now owns 141,861 shares of the medical technology company’s stock valued at $11,166,000 after purchasing an additional 724 shares in the last quarter. Symmetry Partners LLC boosted its holdings in shares of Medtronic by 11.0% in the 2nd quarter. Symmetry Partners LLC now owns 7,252 shares of the medical technology company’s stock valued at $571,000 after purchasing an additional 720 shares in the last quarter. Juncture Wealth Strategies LLC bought a new position in shares of Medtronic in the 2nd quarter valued at $254,000. Finally, Talbot Financial LLC raised its holdings in shares of Medtronic by 7.1% during the 2nd quarter. Talbot Financial LLC now owns 121,051 shares of the medical technology company’s stock worth $9,528,000 after buying an additional 8,029 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

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.