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

Medtronic (NYSE:MDT)‘s stock had its “hold” rating reiterated by equities researchers at Needham & Company LLC in a research note issued on Thursday,Benzinga reports.

Other research analysts have also issued research reports about the stock. Evercore ISI upped their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Robert W. Baird dropped their price objective on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Leerink Partnrs upgraded shares of Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Citigroup upped their price objective on shares of Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Twelve equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $98.19.

Medtronic Stock Up 1.1%

Medtronic stock opened at $92.98 on Thursday. The firm has a market cap of $119.18 billion, a PE ratio of 25.69, a P/E/G ratio of 2.39 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm’s 50 day moving average price is $89.32 and its two-hundred day moving average price is $88.01. Medtronic has a twelve month low of $79.29 and a twelve month high of $96.25.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. On average, research analysts predict that Medtronic will post 5.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MDT. Brighton Jones LLC grew its stake in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after buying an additional 37,265 shares during the last quarter. Marshall Wace LLP grew its stake in Medtronic by 280.7% in the 4th quarter. Marshall Wace LLP now owns 408,323 shares of the medical technology company’s stock valued at $32,617,000 after buying an additional 301,074 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in Medtronic by 28.9% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,498,272 shares of the medical technology company’s stock valued at $119,682,000 after buying an additional 335,925 shares during the last quarter. Alpha DNA Investment Management LLC grew its stake in Medtronic by 73.4% in the 4th quarter. Alpha DNA Investment Management LLC now owns 22,168 shares of the medical technology company’s stock valued at $1,771,000 after buying an additional 9,387 shares during the last quarter. Finally, Allred Capital Management LLC acquired a new position in Medtronic in the 4th quarter valued at $216,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

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.