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

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

MDT has been the subject of several other reports. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Robert W. Baird lifted their price objective on Medtronic from $90.00 to $96.00 in a research report on Friday. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $95.80.

Medtronic Trading Up 1.8 %

Medtronic stock opened at $87.53 on Monday. The stock has a 50-day moving average price of $89.48 and a 200 day moving average price of $84.77. Medtronic has a 52 week low of $74.20 and a 52 week high of $92.68. The stock has a market cap of $112.25 billion, a PE ratio of 29.57, a P/E/G ratio of 2.50 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 (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 earnings per share. Equities research analysts predict that Medtronic will post 5.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Clear Harbor Asset Management LLC raised its stake in shares of Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after acquiring an additional 111 shares during the period. Guardian Wealth Management Inc. boosted its position in Medtronic by 0.9% during the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after purchasing an additional 115 shares during the period. First PREMIER Bank increased its holdings in Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares in the last quarter. First City Capital Management Inc. raised its position in Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after purchasing an additional 116 shares during the period. Finally, Hardy Reed LLC lifted its stake in shares of Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after purchasing an additional 116 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

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.