Needham & Company LLC Reiterates Hold Rating for Medtronic (NYSE:MDT)

Medtronic (NYSE:MDT)‘s stock had its “hold” rating reaffirmed by Needham & Company LLC in a research report issued on Tuesday, Benzinga reports.

Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target for the company. Truist Financial reduced their target price on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. Stifel Nicolaus lowered shares of Medtronic from a “buy” rating to a “hold” rating and reduced their price objective for the company from $100.00 to $85.00 in a report on Wednesday, August 14th. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average price target of $91.30.

Medtronic Trading Up 2.2 %

Shares of Medtronic stock traded up $1.84 on Tuesday, hitting $86.66. 5,688,154 shares of the company traded hands, compared to its average volume of 6,242,837. The stock’s 50 day moving average price is $80.04 and its 200-day moving average price is $82.28. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic has a 52 week low of $68.84 and a 52 week high of $89.18. The company has a market cap of $111.12 billion, a PE ratio of 31.55, a PEG ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the firm posted $1.57 earnings per share. Medtronic’s revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts predict that Medtronic will post 5.44 EPS for the current year.

Insider Transactions at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Medtronic

Institutional investors and hedge funds have recently bought and sold shares of the business. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic during the 4th quarter worth about $27,000. LifeSteps Financial Inc. acquired a new position in Medtronic during the 1st quarter worth approximately $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the 2nd quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the 1st quarter valued at approximately $33,000. Finally, Fortis Group Advisors LLC boosted its holdings in shares of Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares during the last quarter. Institutional investors 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.