Medtronic (NYSE:MDT) Price Target Cut to $93.00 by Analysts at Robert W. Baird

Medtronic (NYSE:MDT) had its price objective lowered by Robert W. Baird from $96.00 to $93.00 in a research report report published on Wednesday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the medical technology company’s stock.

MDT has been the subject of a number of other research reports. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday. Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Oppenheimer lifted their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One equities 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 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 $95.19.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $84.11 on Wednesday. The firm has a market capitalization of $107.87 billion, a PE ratio of 25.72, a P/E/G ratio of 2.42 and a beta of 0.84. Medtronic has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.61. The business has a 50-day moving average of $89.17 and a two-hundred day moving average of $84.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the firm posted $1.25 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, research analysts forecast that Medtronic will post 5.46 earnings per share for the current year.

Institutional Investors Weigh In On Medtronic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clear Harbor Asset Management LLC raised its stake in Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after acquiring an additional 111 shares during the period. Guardian Wealth Management Inc. boosted its holdings in shares of Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after buying an additional 115 shares during the period. First PREMIER Bank grew its stake in Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after buying an additional 116 shares during the last quarter. First City Capital Management Inc. raised its holdings in Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after acquiring an additional 116 shares during the period. Finally, Hardy Reed LLC lifted its position in Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after acquiring an additional 116 shares during the last quarter. 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.