Medtronic (NYSE:MDT) Receives “Hold” Rating from Needham & Company LLC

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

MDT has been the topic of a number of other research reports. Truist Financial decreased their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. UBS Group increased their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the stock from $92.00 to $107.00 in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $96.14.

Medtronic Stock Performance

Medtronic stock opened at $86.94 on Monday. The firm’s 50 day simple moving average is $85.83 and its 200 day simple moving average is $86.57. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $111.50 billion, a PE ratio of 26.43, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. Medtronic has a 1-year low of $75.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, analysts expect that Medtronic will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Hedge Funds Weigh In On Medtronic

Several institutional investors and hedge funds have recently made changes to their positions in the business. MONECO Advisors LLC boosted its position in Medtronic by 1.8% during the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after buying an additional 115 shares during the period. OLD Second National Bank of Aurora boosted its position in Medtronic by 0.3% during the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock valued at $2,900,000 after buying an additional 121 shares during the period. Certior Financial Group LLC boosted its position in Medtronic by 3.7% during the 1st quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company’s stock valued at $310,000 after buying an additional 122 shares during the period. Dunhill Financial LLC boosted its position in Medtronic by 17.2% during the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company’s stock valued at $76,000 after buying an additional 124 shares during the period. Finally, Cidel Asset Management Inc. boosted its position in Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company’s stock valued at $856,000 after buying an additional 126 shares during the period. 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.