Medtronic’s (MDT) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Medtronic (NYSE:MDT) in a research report report published on Monday, Benzinga reports.

A number of other research firms have also commented on MDT. Truist Financial lowered their price objective on Medtronic from $88.00 to $85.00 and set a hold rating on the stock in a research note on Tuesday, July 16th. Royal Bank of Canada restated a sector perform rating and set a $92.00 price objective on shares of Medtronic in a research note on Wednesday, July 17th. The Goldman Sachs Group assumed coverage on Medtronic in a research note on Thursday, May 30th. They set a sell rating and a $83.00 price objective on the stock. Citigroup lowered their price objective on Medtronic from $90.00 to $85.00 and set a neutral rating on the stock in a research note on Wednesday, July 10th. Finally, UBS Group raised their price objective on Medtronic from $75.00 to $76.00 and gave the stock a sell rating in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $91.30.

Medtronic Price Performance

Shares of NYSE MDT opened at $83.64 on Monday. The firm has a market cap of $107.25 billion, a P/E ratio of 30.41, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. 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 1-year low of $68.84 and a 1-year high of $89.18. The business’s 50 day moving average is $79.99 and its 200-day moving average is $82.39.

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

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Insider Activity at Medtronic

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

Institutional Investors Weigh In On Medtronic

Several hedge funds have recently modified their holdings of MDT. Norges Bank acquired a new stake in shares of Medtronic during the 4th quarter valued at $1,229,726,000. First Eagle Investment Management LLC raised its position in Medtronic by 54.5% during the 4th quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock worth $775,169,000 after purchasing an additional 3,320,800 shares during the last quarter. M&G Plc bought a new position in Medtronic during the 1st quarter worth $259,160,000. Capital Research Global Investors raised its position in Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after purchasing an additional 2,044,109 shares during the last quarter. Finally, Pzena Investment Management LLC raised its position in Medtronic by 30.9% during the 4th quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after purchasing an additional 1,769,985 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

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.