Medtronic PLC (MDT) Price Target Lowered to $87.00 at BMO Capital Markets
Medtronic PLC (NYSE:MDT) had its price objective trimmed by BMO Capital Markets from $94.00 to $87.00 in a report released on Wednesday. The firm currently has an outperform rating on the medical technology company’s stock.
Several other analysts have also issued reports on MDT. Deutsche Bank AG reiterated a buy rating on shares of Medtronic PLC in a research report on Monday, October 31st. Oppenheimer Holdings Inc. set a $94.00 target price on shares of Medtronic PLC and gave the company a buy rating in a research report on Tuesday. Vetr upgraded shares of Medtronic PLC from a buy rating to a strong-buy rating and set a $90.83 target price on the stock in a research report on Tuesday, November 1st. Cowen and Company set a $94.00 target price on shares of Medtronic PLC and gave the company a buy rating in a research report on Tuesday, August 23rd. Finally, Needham & Company LLC raised their target price on shares of Medtronic PLC from $93.00 to $95.00 and gave the company a buy rating in a research report on Thursday, August 25th. Seven investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $88.47.
Medtronic PLC (NYSE:MDT) traded up 2.96% during mid-day trading on Wednesday, hitting $75.78. 14,397,357 shares of the company were exchanged. The company has a market capitalization of $104.72 billion, a P/E ratio of 29.49 and a beta of 1.01. The company’s 50-day moving average is $82.26 and its 200 day moving average is $84.71. Medtronic PLC has a 12-month low of $71.03 and a 12-month high of $89.27.
Medtronic PLC (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.01. The business had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.46 billion. Medtronic PLC had a net margin of 14.63% and a return on equity of 12.30%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. Analysts expect that Medtronic PLC will post $4.63 EPS for the current year.
In other Medtronic PLC news, CEO Omar Ishrak sold 61,925 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $84.93, for a total value of $5,259,290.25. Following the transaction, the chief executive officer now directly owns 565,916 shares in the company, valued at $48,063,245.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James T. Lenehan bought 2,000 shares of the company’s stock in a transaction on Wednesday, November 23rd. The stock was bought at an average price of $73.27 per share, for a total transaction of $146,540.00. The disclosure for this purchase can be found here. Corporate insiders own 0.25% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Krilogy Financial LLC boosted its position in Medtronic PLC by 35.2% in the second quarter. Krilogy Financial LLC now owns 1,163 shares of the medical technology company’s stock worth $101,000 after buying an additional 303 shares during the last quarter. Motco boosted its position in Medtronic PLC by 70.9% in the third quarter. Motco now owns 1,350 shares of the medical technology company’s stock worth $117,000 after buying an additional 560 shares during the last quarter. TLP Group LLC bought a new position in Medtronic PLC during the third quarter worth $124,000. Birch Hill Investment Advisors LLC bought a new position in Medtronic PLC during the third quarter worth $128,000. Finally, Proficio Capital Partners LLC boosted its position in Medtronic PLC by 44.5% in the second quarter. Proficio Capital Partners LLC now owns 1,497 shares of the medical technology company’s stock worth $131,000 after buying an additional 461 shares during the last quarter. Hedge funds and other institutional investors own 81.25% of the company’s stock.
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Medtronic PLC Company Profile
Medtronic plc (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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