Wells Fargo & Company Lowers Medtronic (NYSE:MDT) Price Target to $137.00

Medtronic (NYSE:MDT) had its target price trimmed by Wells Fargo & Company from $144.00 to $137.00 in a research report sent to investors on Wednesday morning, The Fly reports. The firm currently has an overweight rating on the medical technology company’s stock.

A number of other equities analysts have also recently issued reports on MDT. Citigroup dropped their price objective on shares of Medtronic from $153.00 to $146.00 and set a buy rating for the company in a research note on Wednesday. Raymond James increased their price objective on shares of Medtronic from $135.00 to $142.00 and gave the company an outperform rating in a research note on Wednesday, August 25th. Needham & Company LLC dropped their price objective on shares of Medtronic from $152.00 to $145.00 and set a buy rating for the company in a research note on Tuesday. Stifel Nicolaus increased their price objective on shares of Medtronic from $140.00 to $145.00 and gave the company a buy rating in a research note on Wednesday, August 25th. Finally, Truist upped their target price on shares of Medtronic from $138.00 to $148.00 and gave the stock a buy rating in a report on Wednesday, August 25th. Five equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has a consensus rating of Buy and a consensus price target of $142.50.

NYSE:MDT opened at $114.44 on Wednesday. The stock has a market cap of $153.80 billion, a P/E ratio of 40.01, a PEG ratio of 3.09 and a beta of 0.76. Medtronic has a one year low of $110.06 and a one year high of $135.89. The company has a fifty day moving average price of $123.16 and a 200 day moving average price of $126.17. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.89 and a quick ratio of 2.34.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Monday, November 22nd. The medical technology company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.03. Medtronic had a net margin of 12.29% and a return on equity of 13.85%. The company had revenue of $7.85 billion during the quarter, compared to analysts’ expectations of $7.98 billion. During the same quarter in the prior year, the company posted $1.02 EPS. The business’s revenue was up 3.2% on a year-over-year basis. As a group, equities research analysts anticipate that Medtronic will post 5.69 EPS for the current year.

In other Medtronic news, SVP Bradley E. Lerman sold 49,147 shares of the company’s stock in a transaction dated Thursday, September 30th. The shares were sold at an average price of $126.58, for a total transaction of $6,221,027.26. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Bradley E. Lerman sold 50,775 shares of the company’s stock in a transaction dated Tuesday, August 31st. The shares were sold at an average price of $134.17, for a total transaction of $6,812,481.75. The disclosure for this sale can be found here. 0.47% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in MDT. Ibex Wealth Advisors acquired a new stake in shares of Medtronic in the 3rd quarter valued at approximately $26,000. MD Financial Management Inc. raised its position in shares of Medtronic by 100.0% in the 3rd quarter. MD Financial Management Inc. now owns 210 shares of the medical technology company’s stock valued at $26,000 after acquiring an additional 105 shares during the period. Mascoma Wealth Management LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at approximately $34,000. Selective Wealth Management Inc. raised its position in shares of Medtronic by 459.2% in the 3rd quarter. Selective Wealth Management Inc. now owns 274 shares of the medical technology company’s stock valued at $34,000 after acquiring an additional 225 shares during the period. Finally, Corbenic Partners LLC raised its position in shares of Medtronic by 264.2% in the 2nd quarter. Corbenic Partners LLC now owns 295 shares of the medical technology company’s stock valued at $37,000 after acquiring an additional 214 shares during the period. Institutional investors and hedge funds own 79.58% of the company’s stock.

About Medtronic

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group.

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