Medtronic (NYSE:MDT) Earns Hold Rating from Needham & Company LLC

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

A number of other equities research analysts have also commented on MDT. Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Wells Fargo & Company upped their price objective on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Citigroup lifted their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Finally, Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $95.80.

Medtronic Stock Down 2.9 %

MDT stock opened at $85.01 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a market capitalization of $109.02 billion, a P/E ratio of 28.72, a P/E/G ratio of 2.50 and a beta of 0.84. Medtronic has a 52-week low of $74.66 and a 52-week high of $92.68. The company’s 50 day simple moving average is $89.30 and its 200-day simple moving average is $84.84.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 EPS. As a group, equities research analysts anticipate that Medtronic will post 5.44 EPS for the current year.

Hedge Funds Weigh In On Medtronic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MDT. Clear Harbor Asset Management LLC boosted its holdings in shares of Medtronic by 1.2% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the period. Guardian Wealth Management Inc. boosted its holdings in Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after acquiring an additional 115 shares during the period. First PREMIER Bank grew its position in shares of Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares during the last quarter. First City Capital Management Inc. increased its stake in shares of Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 116 shares during the period. Finally, Hardy Reed LLC boosted its stake in Medtronic by 4.4% during the 3rd quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds 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.