Medtronic (NYSE:MDT) Earns “Hold” Rating from Needham & Company LLC

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

Several other equities analysts have also recently issued reports on MDT. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Truist Financial lowered their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Robert W. Baird upped their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Barclays upped their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $95.20.

Medtronic Stock Performance

Shares of MDT opened at $88.14 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The business’s 50 day moving average price is $85.93 and its 200-day moving average price is $87.03. Medtronic has a 52 week low of $75.96 and a 52 week high of $93.08. The stock has a market cap of $113.02 billion, a P/E ratio of 26.79, a P/E/G ratio of 2.44 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.11% and a net margin of 12.83%. The firm had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Equities research analysts anticipate that Medtronic will post 5.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Medtronic

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock worth $9,921,367,000 after buying an additional 754,395 shares in the last quarter. State Street Corp increased its stake in Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock worth $5,509,155,000 after buying an additional 520,027 shares in the last quarter. Capital Research Global Investors increased its stake in Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after buying an additional 571,700 shares in the last quarter. Geode Capital Management LLC increased its stake in Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock worth $2,155,085,000 after buying an additional 574,055 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock worth $1,473,278,000 after buying an additional 372,168 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

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.