Medtronic (NYSE:MDT) Trading Down 1.1% – Here’s Why

Shares of Medtronic plc (NYSE:MDT) traded down 1.1% during mid-day trading on Monday . The company traded as low as $85.08 and last traded at $85.29. 1,463,366 shares were traded during mid-day trading, a decline of 77% from the average session volume of 6,252,047 shares. The stock had previously closed at $86.21.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. 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 report on Thursday, August 15th. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Robert W. Baird lowered their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Price Performance

The stock’s 50-day moving average price is $88.99 and its 200 day moving average price is $84.91. 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 firm has a market capitalization of $109.97 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 2.44 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 EPS. Equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Institutional Trading of Medtronic

A number of hedge funds and other institutional investors have recently modified their holdings of MDT. Mount Yale Investment Advisors LLC lifted its position in Medtronic by 2.6% in the first quarter. Mount Yale Investment Advisors LLC now owns 7,227 shares of the medical technology company’s stock valued at $630,000 after buying an additional 180 shares during the last quarter. Ascent Group LLC increased its holdings in Medtronic by 17.4% in the 1st quarter. Ascent Group LLC now owns 3,349 shares of the medical technology company’s stock valued at $292,000 after purchasing an additional 497 shares during the last quarter. Industrial Alliance Investment Management Inc. raised its position in Medtronic by 4.4% in the first quarter. Industrial Alliance Investment Management Inc. now owns 6,315 shares of the medical technology company’s stock valued at $550,000 after purchasing an additional 266 shares during the period. B. Riley Wealth Advisors Inc. lifted its stake in Medtronic by 27.8% during the first quarter. B. Riley Wealth Advisors Inc. now owns 40,468 shares of the medical technology company’s stock worth $3,527,000 after purchasing an additional 8,792 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co boosted its position in shares of Medtronic by 25.8% during the first quarter. Meiji Yasuda Life Insurance Co now owns 15,809 shares of the medical technology company’s stock worth $1,378,000 after buying an additional 3,241 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

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.