Medtronic (NYSE:MDT) Stock Price Down 0.1% – Here’s What Happened

Shares of Medtronic plc (NYSE:MDT) traded down 0.1% during mid-day trading on Tuesday . The company traded as low as $87.81 and last traded at $88.18. 801,575 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 6,170,045 shares. The stock had previously closed at $88.27.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Finally, Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Price Performance

The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $89.59 and a two-hundred day moving average price of $84.66. The firm has a market capitalization of $110.25 billion, a price-to-earnings ratio of 29.37, a PEG ratio of 2.52 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the firm earned $1.20 EPS. The firm’s revenue was up 3.4% compared to the same quarter last year. As a group, research analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Hedge Funds Weigh In On Medtronic

Hedge funds have recently modified their holdings of the company. TD Asset Management Inc boosted its stake in shares of Medtronic by 0.3% during the 1st quarter. TD Asset Management Inc now owns 1,037,061 shares of the medical technology company’s stock worth $90,380,000 after acquiring an additional 2,847 shares in the last quarter. SageView Advisory Group LLC boosted its stake in shares of Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after acquiring an additional 9,523 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Medtronic by 6.5% during the 1st quarter. Blair William & Co. IL now owns 139,827 shares of the medical technology company’s stock worth $12,186,000 after acquiring an additional 8,513 shares in the last quarter. Orion Portfolio Solutions LLC boosted its stake in shares of Medtronic by 13.8% during the 1st quarter. Orion Portfolio Solutions LLC now owns 69,034 shares of the medical technology company’s stock worth $6,016,000 after acquiring an additional 8,352 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC boosted its stake in shares of Medtronic by 2.3% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 145,836 shares of the medical technology company’s stock worth $12,710,000 after acquiring an additional 3,294 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.