Truist Financial Has Lowered Expectations for Medtronic (NYSE:MDT) Stock Price

Medtronic (NYSE:MDT - Get Free Report) had its target price dropped by investment analysts at Truist Financial from $93.00 to $90.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the medical technology company's stock. Truist Financial's price objective would suggest a potential upside of 8.84% from the company's current price.

Several other equities research analysts also recently issued reports on MDT. Citigroup raised Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Robert W. Baird increased their target price on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. Royal Bank of Canada reissued an "outperform" rating and issued a $105.00 price objective on shares of Medtronic in a research report on Wednesday, February 19th. Finally, UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $96.14.

Medtronic Stock Performance

Shares of MDT stock traded down $1.53 during trading on Friday, reaching $82.69. The company had a trading volume of 2,035,630 shares, compared to its average volume of 7,825,665. The company has a market capitalization of $106.05 billion, a PE ratio of 25.13, a PEG ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The firm's 50 day simple moving average is $89.56 and its two-hundred day simple moving average is $87.60. Medtronic has a one year low of $75.96 and a one year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Sell-side analysts forecast that Medtronic will post 5.46 earnings per share for the current year.

Insider Activity

In other news, EVP Brett A. Wall sold 12,437 shares of the business's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.20% of the company's stock.

Hedge Funds Weigh In On Medtronic

Institutional investors have recently added to or reduced their stakes in the company. Copley Financial Group Inc. bought a new position in Medtronic in the 3rd quarter valued at $694,000. Franklin Street Advisors Inc. NC raised its holdings in shares of Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock valued at $5,873,000 after buying an additional 18,057 shares during the last quarter. Olstein Capital Management L.P. lifted its position in Medtronic by 8.0% during the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock worth $7,509,000 after buying an additional 7,000 shares in the last quarter. Czech National Bank lifted its position in Medtronic by 6.4% during the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock worth $22,212,000 after buying an additional 16,786 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Medtronic by 2.7% during the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company's stock worth $8,453,000 after acquiring an additional 2,778 shares during the last quarter. 82.06% of the stock is owned by 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.