Medtronic (NYSE:MDT) Given “Hold” Rating at Needham & Company LLC

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

MDT has been the subject of a number of other research reports. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Truist Financial increased their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Wells Fargo & Company increased their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Finally, Oppenheimer boosted their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Trading Down 0.4 %

Shares of NYSE:MDT opened at $90.59 on Friday. The company has a market capitalization of $116.18 billion, a PE ratio of 30.60, a P/E/G ratio of 2.60 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic has a 12-month low of $68.84 and a 12-month high of $92.68. The business’s fifty day simple moving average is $89.30 and its 200-day simple moving average is $83.84.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. As a group, equities research analysts predict that Medtronic will post 5.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new position in Medtronic during the third quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new position in Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic in the 1st quarter worth approximately $33,000. Finally, Gleason Group Inc. acquired a new stake in shares of Medtronic during the 2nd quarter worth approximately $42,000. Hedge funds and other institutional investors 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.