Medtronic (NYSE:MDT – Get Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $5.25-$5.30 for the period, compared to the consensus estimate of $5.53. The company issued revenue guidance of -.
Analysts Set New Price Targets
Several analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of Medtronic from a buy rating to a hold rating and set a $85.00 target price on the stock. in a research note on Wednesday, November 16th. Citigroup cut their target price on shares of Medtronic from $110.00 to $108.00 in a research note on Wednesday, October 5th. Royal Bank of Canada cut their target price on shares of Medtronic from $122.00 to $110.00 in a research note on Wednesday, September 7th. Truist Financial lowered their price target on shares of Medtronic from $97.00 to $89.00 and set a hold rating on the stock in a report on Monday, October 17th. Finally, StockNews.com assumed coverage on shares of Medtronic in a report on Wednesday, October 12th. They set a buy rating on the stock. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $106.75.
Medtronic Stock Performance
NYSE:MDT opened at $82.29 on Tuesday. Medtronic has a 12-month low of $79.19 and a 12-month high of $118.80. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $109.38 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 2.17 and a beta of 0.77. The firm has a 50-day moving average price of $84.04 and a 200 day moving average price of $90.04.
Insider Transactions at Medtronic
In other news, EVP Hoedt Rob Ten sold 2,404 shares of Medtronic stock in a transaction on Friday, October 14th. The shares were sold at an average price of $81.54, for a total transaction of $196,022.16. Following the transaction, the executive vice president now directly owns 43,483 shares of the company’s stock, valued at $3,545,603.82. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.
Hedge Funds Weigh In On Medtronic
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. PDT Partners LLC bought a new position in shares of Medtronic in the 2nd quarter valued at about $530,000. KC Investment Advisors LLC bought a new position in shares of Medtronic in the 1st quarter valued at about $512,000. Interchange Capital Partners LLC grew its position in shares of Medtronic by 13.3% in the 1st quarter. Interchange Capital Partners LLC now owns 4,381 shares of the medical technology company’s stock valued at $486,000 after acquiring an additional 513 shares during the period. Ascent Group LLC grew its position in shares of Medtronic by 27.4% in the 3rd quarter. Ascent Group LLC now owns 5,414 shares of the medical technology company’s stock valued at $473,000 after acquiring an additional 1,166 shares during the period. Finally, Delphia USA Inc. grew its position in shares of Medtronic by 52.0% in the 1st quarter. Delphia USA Inc. now owns 3,602 shares of the medical technology company’s stock valued at $400,000 after acquiring an additional 1,232 shares during the period. 79.81% of the stock is owned by institutional investors.
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.
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