Medtronic (NYSE:MDT) Stock Price Down 0.1% – Time to Sell?

Medtronic plc (NYSE:MDT)’s stock price dropped 0.1% during mid-day trading on Friday . The company traded as low as $85.53 and last traded at $86.22. Approximately 732,207 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 6,259,997 shares. The stock had previously closed at $86.27.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Wells Fargo & Company decreased their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. 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. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Truist Financial lifted their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $95.27.

Medtronic Stock Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a fifty day moving average of $88.75 and a 200 day moving average of $84.97. The stock has a market capitalization of $111.14 billion, a price-to-earnings ratio of 26.37, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84.

Medtronic (NYSE:MDT) last released 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. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.25 EPS. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic during the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the 2nd quarter valued at approximately $28,000. Finally, J. Stern & Co. LLP purchased a new stake in shares of Medtronic in the 3rd quarter valued at approximately $30,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.