Medtronic (NYSE:MDT) Receives “Hold” Rating from Needham & Company LLC

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

Other research analysts have also issued research reports about the company. Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Sanford C. Bernstein lifted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. reduced their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

Shares of MDT opened at $91.18 on Wednesday. Medtronic has a 12-month low of $75.96 and a 12-month high of $93.08. The stock has a market cap of $116.92 billion, a P/E ratio of 27.88, a PEG ratio of 2.57 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $84.93 and a two-hundred day moving average of $86.56.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 earnings per share. As a group, research analysts predict that Medtronic will post 5.45 EPS for the current fiscal year.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at $3,688,110. This trade represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

Large investors have recently added to or reduced their stakes in the company. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic during the 4th quarter worth approximately $26,000. Fortitude Family Office LLC acquired a new position in Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic during the 3rd quarter valued at $27,000. Finally, Stephens Consulting LLC boosted its position in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the period. 82.06% of the stock is currently owned by institutional investors.

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.