Medtronic PLC (NYSE:MDT) had its target price decreased by research analysts at Stifel Nicolaus from $91.00 to $83.00 in a note issued to investors on Monday. The brokerage presently has a “hold” rating on the medical technology company’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 7.39% from the company’s previous close.
MDT has been the subject of a number of other research reports. Deutsche Bank AG set a $96.00 target price on Medtronic PLC and gave the stock a “buy” rating in a research report on Monday, July 31st. BidaskClub lowered Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. BMO Capital Markets reissued an “outperform” rating and issued a $92.00 target price (down previously from $94.00) on shares of Medtronic PLC in a research report on Wednesday, August 23rd. Zacks Investment Research raised Medtronic PLC from a “sell” rating to a “hold” rating in a research report on Wednesday, September 6th. Finally, Wells Fargo & Company reissued an “outperform” rating on shares of Medtronic PLC in a research report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $87.79.
Medtronic PLC (NYSE:MDT) opened at 77.29 on Monday. Medtronic PLC has a 52-week low of $69.35 and a 52-week high of $89.72. The company’s 50-day moving average is $79.78 and its 200 day moving average is $83.30. The company has a market cap of $104.70 billion, a price-to-earnings ratio of 26.01 and a beta of 1.01.
Medtronic PLC (NYSE:MDT) last issued its earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The business had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.44 billion. During the same quarter in the previous year, the firm earned $1.03 EPS. Medtronic PLC’s revenue was up 3.1% on a year-over-year basis. Equities analysts forecast that Medtronic PLC will post $4.69 earnings per share for the current fiscal year.
Medtronic PLC declared that its Board of Directors has initiated a share buyback plan on Friday, June 23rd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the medical technology company to purchase up to 49% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
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In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $88.57, for a total value of $1,062,840.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the transaction, the chief executive officer now owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Parkside Financial Bank & Trust boosted its stake in Medtronic PLC by 22.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock worth $102,000 after purchasing an additional 210 shares during the period. BDO Wealth Advisors LLC bought a new position in Medtronic PLC in the 2nd quarter worth approximately $103,000. Motco boosted its stake in Medtronic PLC by 8.7% in the 2nd quarter. Motco now owns 1,239 shares of the medical technology company’s stock worth $110,000 after purchasing an additional 99 shares during the period. Quadrant Capital Group LLC boosted its stake in Medtronic PLC by 21.5% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,639 shares of the medical technology company’s stock worth $114,000 after purchasing an additional 290 shares during the period. Finally, Israel Discount Bank of New York bought a new position in Medtronic PLC in the 1st quarter worth approximately $117,000. Institutional investors and hedge funds own 80.63% of the company’s stock.
Medtronic PLC Company Profile
Medtronic Public Limited Company (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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