Medtronic’s (MDT) “Hold” Rating Reiterated at Needham & Company LLC

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

MDT has been the topic of several other research reports. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Robert W. Baird raised their target price on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday. Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.00.

Medtronic Price Performance

Shares of NYSE MDT opened at $89.95 on Wednesday. The business has a fifty day moving average price of $86.08 and a two-hundred day moving average price of $87.10. The stock has a market capitalization of $115.34 billion, a PE ratio of 27.34, a P/E/G ratio of 2.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic has a fifty-two week low of $75.96 and a fifty-two week high of $93.08.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is presently 85.11%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Medtronic

A number of hedge funds and other institutional investors have recently made changes to their positions in MDT. Norges Bank acquired a new position in shares of Medtronic in the fourth quarter worth approximately $1,163,580,000. Raymond James Financial Inc. acquired a new position in Medtronic in the fourth quarter valued at $852,732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Medtronic by 436.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares during the period. Beutel Goodman & Co Ltd. acquired a new position in Medtronic in the fourth quarter valued at $377,169,000. Finally, Van ECK Associates Corp lifted its holdings in Medtronic by 2,043.4% in the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after buying an additional 2,476,935 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

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.