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

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

Several other analysts have also issued reports on the company. Robert W. Baird reduced their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Barclays increased their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Stock Performance

Shares of NYSE MDT opened at $92.27 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The stock’s fifty day moving average price is $85.16 and its two-hundred day moving average price is $86.68. Medtronic has a one year low of $75.96 and a one year high of $93.08. The firm has a market cap of $118.32 billion, a price-to-earnings ratio of 28.22, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the prior year, the firm posted $1.25 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities analysts forecast that Medtronic will post 5.45 EPS for the current year.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Large investors have recently bought and sold shares of the company. Fortitude Family Office LLC bought a new position in shares of Medtronic during the third quarter worth about $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the third quarter worth about $27,000. Mainstream Capital Management LLC bought a new position in shares of Medtronic during the fourth quarter worth about $26,000. Finally, J. Stern & Co. LLP bought a new position in shares of Medtronic during the third quarter worth about $30,000. 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.