Medtronic (NYSE:MDT) Stock Price Down 1.1% – Here’s What Happened

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 trading, a decline of 77% from the average session volume of 6,252,047 shares. The stock had previously closed at $86.21.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Barclays increased their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday. Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. JPMorgan Chase & Co. lowered their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have assigned 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, the company has an average rating of “Hold” and a consensus price target of $95.27.

Medtronic Stock Performance

The firm has a market capitalization of $110.66 billion, a price-to-earnings ratio of 26.39, a PEG ratio of 2.43 and a beta of 0.84. The firm has a 50 day moving average price of $88.81 and a 200-day moving average price of $84.96. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

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

Hedge Funds Weigh In On Medtronic

Several large investors have recently bought and sold shares of MDT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares in the last quarter. Bank of Montreal Can lifted its position in Medtronic by 65.0% in the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after acquiring an additional 1,790,483 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Medtronic by 58.4% during the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock worth $346,705,000 after purchasing an additional 1,420,263 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.