Medtronic (NYSE:MDT) Trading Down 3% - Time to Sell?

Medtronic plc (NYSE:MDT - Get Free Report) shares were down 3% on Tuesday . The company traded as low as $84.50 and last traded at $84.97. Approximately 2,876,038 shares changed hands during trading, a decline of 54% from the average daily volume of 6,226,676 shares. The stock had previously closed at $87.59.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. UBS Group raised shares of Medtronic from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Monday. Oppenheimer lifted their price target on Medtronic from $92.00 to $94.00 and gave the stock a "market perform" rating in a report on Wednesday, August 21st. Truist Financial upped their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a "hold" rating in a report on Monday, October 14th. Finally, Royal Bank of Canada upgraded shares of Medtronic from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $95.80.

Medtronic Stock Performance

The stock's fifty day moving average is $89.42 and its two-hundred day moving average is $84.82. The firm has a market capitalization of $109.07 billion, a price-to-earnings ratio of 28.72, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Olstein Capital Management L.P. raised its stake in Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock worth $7,833,000 after acquiring an additional 14,000 shares during the period. Manning & Napier Advisors LLC acquired a new position in Medtronic during the 2nd quarter valued at approximately $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new stake in shares of Medtronic in the 3rd quarter worth about $9,486,000. National Bank of Canada FI raised its holdings in shares of Medtronic by 13.6% during the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company's stock valued at $21,642,000 after buying an additional 31,195 shares during the last quarter. Finally, Harvest Portfolios Group Inc. increased its holdings in shares of Medtronic by 6.5% during the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company's stock valued at $62,042,000 after purchasing an additional 42,112 shares during the period. Institutional investors own 82.06% of the company's stock.

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.

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