Atlantic Equities slashes price target on Medtronic plc [MDT] – find out why.

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Medtronic plc [NYSE: MDT] price plunged by -3.07 percent to reach at -$3.02. The company report on May 31, 2022 that Medtronic chairman and CEO Geoff Martha to speak at Goldman Sachs global healthcare conference.


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Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced it will participate in the 43rd annual Goldman Sachs global healthcare conference on Tuesday, June 14, 2022.

Geoff Martha, Medtronic chairman and chief executive officer, will answer questions on the company beginning at 8:00 a.m. PDT (10:00 a.m. CDT).

A sum of 9091882 shares traded at recent session while its average daily volume was at 5.98M shares. Medtronic plc shares reached a high of $98.77 and dropped to a low of $95.38 until finishing in the latest session at $95.48.

The one-year MDT stock forecast points to a potential upside of 18.21. The average equity rating for MDT stock is currently 2.10, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Medtronic plc [MDT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MDT shares is $116.74 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MDT stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Atlantic Equities have made an estimate for Medtronic plc shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on June 01, 2022. The new note on the price target was released on May 27, 2022, representing the official price target for Medtronic plc stock. Previously, the target price had yet another drop from $124 to $121, while Truist kept a Hold rating on MDT stock.

The Average True Range (ATR) for Medtronic plc is set at 2.91, with the Price to Sales ratio for MDT stock in the period of the last 12 months amounting to 4.14. The Price to Book ratio for the last quarter was 2.44, with the Price to Cash per share for the same quarter was set at 8.17. Price to Free Cash Flow for MDT in the course of the last twelve months was 52.06 with Quick ratio for the last quarter at 2.10.

MDT Stock Performance Analysis:

Medtronic plc [MDT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.98. With this latest performance, MDT shares dropped by -9.78% in over the last four-week period, additionally sinking by -11.00% over the last 6 months – not to mention a drop of -22.91% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MDT stock in for the last two-week period is set at 33.49, with the RSI for the last a single of trading hit 29.28, and the three-weeks RSI is set at 36.49 for Medtronic plc [MDT]. The present Moving Average for the last 50 days of trading for this stock 106.15, while it was recorded at 98.20 for the last single week of trading, and 112.71 for the last 200 days.

Insight into Medtronic plc Fundamentals:

Medtronic plc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.10 and a Current Ratio set at 2.60.

MDT Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MDT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Medtronic plc go to 12.66%.

Medtronic plc [MDT] Insider Position Details

There are presently around $103,358 million, or 83.90% of MDT stock, in the hands of institutional investors. The top three institutional holders of MDT stocks are: VANGUARD GROUP INC with ownership of 120,557,488, which is approximately 6.543% of the company’s market cap and around 0.24% of the total institutional ownership; BLACKROCK INC., holding 107,991,652 shares of the stock with an approximate value of $10.31 billion in MDT stocks shares; and STATE STREET CORP, currently with $5.59 billion in MDT stock with ownership of nearly 0.914% of the company’s market capitalization.

1,204 institutional holders increased their position in Medtronic plc [NYSE:MDT] by around 68,620,491 shares. Additionally, 820 investors decreased positions by around 68,475,168 shares, while 221 investors held positions by with 945,410,056 shares. The mentioned changes placed institutional holdings at 1,082,505,715 shares, according to the latest SEC report filing. MDT stock had 202 new institutional investments in for a total of 12,022,679 shares, while 131 institutional investors sold positions of 11,212,245 shares during the same period.

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