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

Needham & Company LLC reiterated their hold rating on shares of Medtronic (NYSE:MDT) in a research report sent to investors on Monday morning,Benzinga reports.

MDT has been the topic of several other research reports. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Truist Financial increased their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. JPMorgan Chase & Co. reduced their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $96.00 in a report on Friday, November 15th. Finally, Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $95.19.

Medtronic Trading Down 1.0 %

Shares of MDT opened at $84.11 on Monday. Medtronic has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The business has a 50-day moving average of $89.17 and a 200 day moving average of $84.84. The firm has a market cap of $107.87 billion, a P/E ratio of 25.72, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during 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 quarter last year, the company earned $1.25 earnings per share. As a group, research analysts forecast that Medtronic will post 5.44 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MDT. O Shaughnessy Asset Management LLC lifted its position in Medtronic by 24.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 109,485 shares of the medical technology company’s stock worth $9,542,000 after buying an additional 21,702 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Medtronic by 2.8% in the 1st quarter. Clearbridge Investments LLC now owns 595,995 shares of the medical technology company’s stock worth $51,941,000 after acquiring an additional 16,105 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Medtronic by 0.4% in the 1st quarter. Bessemer Group Inc. now owns 689,918 shares of the medical technology company’s stock valued at $60,127,000 after purchasing an additional 2,462 shares in the last quarter. Lake Street Advisors Group LLC bought a new position in shares of Medtronic during the 1st quarter valued at $498,000. Finally, National Bank of Canada FI boosted its holdings in Medtronic by 13.6% during the 1st quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock valued at $21,642,000 after acquiring an additional 31,195 shares during the period. 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.