Medtronic (NYSE:MDT) Stock Price Down 1.1% Following Analyst Downgrade

Shares of Medtronic plc (NYSE:MDT - Get Free Report) dropped 1.1% on Wednesday after Wells Fargo & Company lowered their price target on the stock from $106.00 to $98.00. Wells Fargo & Company currently has an overweight rating on the stock. Medtronic traded as low as $83.56 and last traded at $84.04. Approximately 1,471,891 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 6,248,242 shares. The stock had previously closed at $85.00.

A number of other brokerages have also recently commented on MDT. Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Tuesday, October 1st. Daiwa America upgraded Medtronic to a "strong-buy" rating in a research report on Friday, August 23rd. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an "outperform" rating in a research note on Tuesday, October 1st. Stifel Nicolaus raised their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a "hold" rating in a research note on Wednesday, August 21st. Finally, UBS Group raised Medtronic from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $95.19.

Institutional Investors Weigh In On Medtronic

A number of large investors have recently added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new position in Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic during the third quarter valued at about $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the 2nd quarter worth approximately $28,000. Finally, J. Stern & Co. LLP bought a new position in Medtronic during the 3rd quarter valued at $30,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Down 1.0 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The business has a fifty day moving average of $89.17 and a 200-day moving average of $84.84. The stock has a market capitalization of $107.87 billion, a price-to-earnings ratio of 25.72, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the firm earned $1.25 EPS. The business's revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

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.