Medtronic PLC (NYSE:MDT) had its price objective cut by research analysts at Royal Bank Of Canada from $90.00 to $85.00 in a research note issued on Monday. The firm currently has an “outperform” rating on the medical technology company’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 9.98% from the company’s previous close.
Other research analysts have also issued research reports about the stock. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $92.00 price objective on shares of Medtronic PLC in a research report on Tuesday, August 22nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $103.00 price objective on shares of Medtronic PLC in a research report on Thursday, August 3rd. Wells Fargo & Company lowered shares of Medtronic PLC from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $93.00 to $83.00 in a research report on Monday. BidaskClub lowered shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Finally, Zacks Investment Research lowered shares of Medtronic PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Three research 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 an average price target of $87.79.
Medtronic PLC (MDT) opened at 77.29 on Monday. The firm has a market capitalization of $104.70 billion, a P/E ratio of 26.01 and a beta of 1.01. The company has a 50-day moving average price of $79.78 and a 200-day moving average price of $83.30. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.04. The business had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.44 billion. Medtronic PLC had a net margin of 13.75% and a return on equity of 12.92%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.03 earnings per share. On average, equities research analysts predict that Medtronic PLC will post $4.69 earnings per share for the current fiscal year.
Medtronic PLC announced that its Board of Directors has authorized a stock buyback program on Friday, June 23rd that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the medical technology company to purchase up to 49% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are 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 dated Monday, July 17th. The shares were sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Omar Ishrak sold 140,407 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $81.63, for a total transaction of $11,461,423.41. Following the sale, the chief executive officer now directly owns 668,503 shares in the company, valued at $54,569,899.89. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its stake in shares of Medtronic PLC by 22.4% during the second quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after purchasing an additional 210 shares during the last quarter. BDO Wealth Advisors LLC bought a new stake in shares of Medtronic PLC during the second quarter valued at approximately $103,000. Motco grew its stake in shares of Medtronic PLC by 8.7% during the second quarter. Motco now owns 1,239 shares of the medical technology company’s stock valued at $110,000 after purchasing an additional 99 shares during the last quarter. Farmers National Bank bought a new stake in shares of Medtronic PLC during the first quarter valued at approximately $121,000. Finally, Norway Savings Bank grew its stake in shares of Medtronic PLC by 2.7% during the second quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock valued at $127,000 after purchasing an additional 38 shares during the last quarter. 80.63% of the stock is currently owned by institutional investors and hedge funds.
About Medtronic PLC
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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