Medtronic (NYSE:MDT) Trading Down 0% – Should You Sell?

Medtronic plc (NYSE:MDT)’s stock price traded down 0% during mid-day trading on Wednesday . The stock traded as low as $85.01 and last traded at $85.70. 680,768 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 6,246,251 shares. The stock had previously closed at $85.71.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MDT shares. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Evercore ISI increased their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $95.27.

Medtronic Trading Down 0.5 %

The firm has a market capitalization of $109.39 billion, a P/E ratio of 26.21, a PEG ratio of 2.45 and a beta of 0.82. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $88.54 and a 200-day moving average price of $85.00.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) 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 the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. Analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently modified their holdings of MDT. Olstein Capital Management L.P. raised its stake in Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after buying an additional 14,000 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Medtronic during the second quarter valued at about $25,643,000. Ferguson Wellman Capital Management Inc. bought a new stake in shares of Medtronic in the third quarter worth about $9,486,000. Harvest Portfolios Group Inc. boosted its position in Medtronic by 6.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after acquiring an additional 42,112 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Medtronic by 6.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after purchasing an additional 21,995 shares in the last quarter. Institutional investors and hedge funds 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.