Medtronic’s (MDT) “Hold” Rating Reaffirmed at Needham & Company LLC

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

MDT has been the subject of a number of other research reports. Wells Fargo & Company reduced their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Robert W. Baird reduced their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Barclays raised their price objective on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, Truist Financial reduced their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. 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 stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Trading Up 1.0 %

NYSE MDT opened at $92.27 on Wednesday. The business has a 50 day simple moving average of $85.16 and a 200 day simple moving average of $86.68. Medtronic has a one year low of $75.96 and a one year high of $93.08. The stock has a market capitalization of $118.32 billion, a P/E ratio of 28.22, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the firm posted $1.25 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. Research analysts expect that Medtronic will post 5.45 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares in the company, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Medtronic

A number of hedge funds have recently bought and sold shares of the business. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the fourth quarter valued at $26,000. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the third quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the third quarter valued at $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the third quarter valued at $27,000. Finally, Stephens Consulting LLC grew its position in shares of Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares in the last quarter. 82.06% of the stock is currently 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.