Wells Fargo & Company Lowers Medtronic (NYSE:MDT) Price Target to $98.00

Medtronic (NYSE:MDT - Free Report) had its price target reduced by Wells Fargo & Company from $106.00 to $98.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the medical technology company's stock.

MDT has been the subject of several other research reports. Truist Financial upped their price target on Medtronic from $90.00 to $93.00 and gave the stock a "hold" rating in a research note on Monday, October 14th. Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, August 22nd. Daiwa America upgraded Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. Stifel Nicolaus boosted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a "hold" rating in a research report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Hold" and an average target price of $95.19.

Medtronic Price Performance

MDT stock traded down $0.89 on Wednesday, reaching $84.11. 7,278,674 shares of the company's stock were exchanged, compared to its average volume of 6,274,537. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The firm has a market cap of $107.87 billion, a PE ratio of 25.72, a P/E/G ratio of 2.50 and a beta of 0.84. Medtronic has a twelve month low of $75.96 and a twelve month high of $92.68. The stock has a fifty day moving average of $89.30 and a 200-day moving average of $84.84.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the business posted $1.25 EPS. As a group, equities analysts predict that Medtronic will post 5.44 EPS for the current fiscal year.

Institutional Trading of Medtronic

Hedge funds have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company's stock valued at $661,125,000 after purchasing an additional 5,975,110 shares during the period. Bank of Montreal Can boosted its stake in shares of Medtronic by 65.0% in the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company's stock worth $406,122,000 after buying an additional 1,790,483 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company's stock valued at $144,637,000 after purchasing an additional 1,695,800 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Medtronic by 58.4% during the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company's stock worth $346,705,000 after acquiring an additional 1,420,263 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Medtronic by 8,908.6% in the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company's stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the period. 82.06% of the stock is 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.