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

Needham & Company LLC reaffirmed their hold rating on shares of Medtronic (NYSE:MDT) in a research report report published on Friday morning, Benzinga reports.

Several other equities research analysts have also recently weighed in on MDT. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. 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. Robert W. Baird increased their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Finally, Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

Shares of MDT opened at $90.59 on Friday. Medtronic has a 12-month low of $68.84 and a 12-month high of $92.68. The business has a 50-day simple moving average of $89.30 and a two-hundred day simple moving average of $83.85. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $116.16 billion, a PE ratio of 32.94, a PEG ratio of 2.60 and a beta of 0.84.

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

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.09%. Medtronic’s payout ratio is currently 101.82%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MDT. Sunbelt Securities Inc. boosted its holdings in Medtronic by 124.9% in the first quarter. Sunbelt Securities Inc. now owns 3,128 shares of the medical technology company’s stock worth $273,000 after acquiring an additional 1,737 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in Medtronic by 21.4% in the first quarter. Wealthcare Advisory Partners LLC now owns 8,378 shares of the medical technology company’s stock worth $730,000 after acquiring an additional 1,476 shares in the last quarter. Independence Bank of Kentucky boosted its holdings in Medtronic by 9.9% in the first quarter. Independence Bank of Kentucky now owns 1,668 shares of the medical technology company’s stock worth $145,000 after acquiring an additional 150 shares in the last quarter. Burns J W & Co. Inc. NY boosted its holdings in Medtronic by 17.4% in the first quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after acquiring an additional 486 shares in the last quarter. Finally, Chemung Canal Trust Co. boosted its holdings in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after acquiring an additional 44,846 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

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.