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

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

Other analysts also recently issued research reports about the company. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Robert W. Baird upped their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Truist Financial cut their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, eight have assigned 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.com, the company presently has an average rating of “Hold” and an average price target of $96.14.

Medtronic Trading Up 0.4%

Shares of MDT stock opened at $86.41 on Monday. Medtronic has a 1 year low of $75.96 and a 1 year high of $96.25. The firm has a market capitalization of $110.83 billion, a P/E ratio of 26.27, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The firm’s fifty day simple moving average is $85.93 and its 200 day simple moving average is $86.60. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. As a group, sell-side analysts predict that Medtronic will post 5.46 EPS for the current year.

Institutional Trading of Medtronic

Large investors have recently added to or reduced their stakes in the company. Olstein Capital Management L.P. lifted its position in shares of Medtronic by 8.0% in the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after acquiring an additional 7,000 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock valued at $8,453,000 after buying an additional 2,778 shares during the period. Caprock Group LLC lifted its position in shares of Medtronic by 12.6% during the 4th quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company’s stock worth $3,849,000 after purchasing an additional 5,363 shares during the last quarter. Merit Financial Group LLC increased its stake in Medtronic by 327.8% in the fourth quarter. Merit Financial Group LLC now owns 23,270 shares of the medical technology company’s stock valued at $1,859,000 after purchasing an additional 17,831 shares during the last quarter. Finally, Synergy Asset Management LLC increased its position in shares of Medtronic by 107.1% during the fourth quarter. Synergy Asset Management LLC now owns 227,802 shares of the medical technology company’s stock worth $19,353,000 after purchasing an additional 117,809 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.