Medtronic (NYSE:MDT) Given New $89.00 Price Target at Truist Financial

Medtronic (NYSE:MDT) had its price target cut by equities research analysts at Truist Financial from $93.00 to $89.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the medical technology company’s stock. Truist Financial’s target price suggests a potential upside of 11.26% from the company’s previous close.

MDT has been the subject of several other research reports. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Sanford C. Bernstein boosted their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Price Performance

Shares of Medtronic stock opened at $79.99 on Wednesday. The business’s fifty day moving average price is $87.06 and its 200 day moving average price is $84.97. Medtronic has a twelve month low of $75.96 and a twelve month high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $102.57 billion, a P/E ratio of 24.46, a PEG ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.25 EPS. As a group, research analysts anticipate that Medtronic will post 5.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new position in shares of Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. J. Stern & Co. LLP bought a new stake in shares of Medtronic in the 3rd quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. acquired a new stake in shares of Medtronic during the 3rd quarter valued at approximately $45,000. 82.06% of the stock is currently owned by institutional investors.

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.