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

Medtronic (NYSE:MDT)‘s stock had its “hold” rating reissued by Needham & Company LLC in a report released on Friday, Benzinga reports.

Several other brokerages have also recently issued reports on MDT. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Oppenheimer increased their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Stifel Nicolaus lifted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Trading Down 0.4 %

Medtronic stock opened at $90.59 on Friday. Medtronic has a 1 year low of $68.84 and a 1 year high of $92.68. The firm’s 50 day moving average price is $89.30 and its 200-day moving average price is $83.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The stock has a market cap of $116.18 billion, a P/E ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. raised its stake in shares of Medtronic by 124.9% during the first quarter. Sunbelt Securities Inc. now owns 3,128 shares of the medical technology company’s stock valued at $273,000 after acquiring an additional 1,737 shares in the last quarter. Wealthcare Advisory Partners LLC raised its position in Medtronic by 21.4% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 8,378 shares of the medical technology company’s stock valued at $730,000 after purchasing an additional 1,476 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in shares of Medtronic by 9.9% in the 1st quarter. Independence Bank of Kentucky now owns 1,668 shares of the medical technology company’s stock worth $145,000 after buying an additional 150 shares during the period. Burns J W & Co. Inc. NY grew its position in shares of Medtronic by 17.4% during the 1st quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after buying an additional 486 shares in the last quarter. Finally, Chemung Canal Trust Co. increased its stake in shares of Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares during the period. 82.06% of the stock is currently owned by institutional investors.

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.