Medtronic (NYSE:MDT) Stock Rating Reaffirmed by Needham & Company LLC

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Medtronic (NYSE:MDT)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report issued on Wednesday, AnalystRatings.com reports. They presently have a $133.00 price objective on the medical technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 22.80% from the stock’s previous close.

A number of other research firms also recently commented on MDT. Deutsche Bank raised their target price on shares of Medtronic from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Northland Securities reissued a “hold” rating and set a $100.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. Zacks Investment Research raised shares of Medtronic from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Stifel Nicolaus raised their target price on shares of Medtronic from $95.00 to $112.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Finally, UBS Group raised their target price on shares of Medtronic from $112.00 to $122.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $114.15.

MDT traded up $0.77 on Wednesday, reaching $108.31. 32,931 shares of the company traded hands, compared to its average volume of 5,029,513. Medtronic has a one year low of $81.66 and a one year high of $109.70. The firm has a fifty day simple moving average of $102.33 and a two-hundred day simple moving average of $94.42. The company has a market cap of $142.23 billion, a P/E ratio of 20.68, a price-to-earnings-growth ratio of 2.61 and a beta of 0.67. The company has a quick ratio of 2.20, a current ratio of 2.67 and a debt-to-equity ratio of 0.49.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. The company had revenue of $7.49 billion during the quarter, compared to analyst estimates of $7.40 billion. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the business posted $1.17 EPS. On average, equities analysts forecast that Medtronic will post 5.56 earnings per share for the current year.

In other Medtronic news, SVP Richard Kuntz sold 3,438 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $101.12, for a total transaction of $347,650.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hooman Hakami sold 52,664 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $97.49, for a total transaction of $5,134,213.36. Following the sale, the executive vice president now directly owns 95,337 shares of the company’s stock, valued at approximately $9,294,404.13. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,701 shares of company stock worth $8,491,824. Insiders own 0.28% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Comerica Securities Inc. lifted its stake in shares of Medtronic by 3.8% in the 4th quarter. Comerica Securities Inc. now owns 13,521 shares of the medical technology company’s stock valued at $1,237,000 after purchasing an additional 491 shares during the period. Ellis Investment Partners LLC acquired a new position in shares of Medtronic in the 1st quarter valued at $126,000. First Merchants Corp lifted its stake in shares of Medtronic by 0.6% in the 1st quarter. First Merchants Corp now owns 38,048 shares of the medical technology company’s stock valued at $3,465,000 after purchasing an additional 235 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Medtronic by 12.4% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 38,797 shares of the medical technology company’s stock valued at $3,534,000 after purchasing an additional 4,277 shares during the period. Finally, Squar Milner Financial Services LLC lifted its stake in shares of Medtronic by 11.1% in the 1st quarter. Squar Milner Financial Services LLC now owns 2,750 shares of the medical technology company’s stock valued at $250,000 after purchasing an additional 275 shares during the period. 80.62% of the stock is owned by institutional investors and hedge funds.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Analyst Recommendations for Medtronic (NYSE:MDT)

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