Medtronic (NYSE:MDT) Stock Rating Reaffirmed by Needham & Company LLC

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

A number of other research firms have also commented on MDT. Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Robert W. Baird upped their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Wells Fargo & Company upped their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Trading Down 0.4 %

Shares of MDT stock opened at $90.59 on Friday. The stock has a market capitalization of $116.18 billion, a PE ratio of 30.60, a P/E/G ratio of 2.60 and a beta of 0.84. Medtronic has a 1-year low of $68.84 and a 1-year high of $92.68. The business has a 50-day moving average of $89.30 and a 200 day moving average of $83.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 EPS. As a group, sell-side analysts anticipate that Medtronic will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. Medtronic’s payout ratio is currently 94.59%.

Institutional Trading of Medtronic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic during the 3rd quarter valued at $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the 2nd quarter valued at $28,000. Tributary Capital Management LLC purchased a new stake in Medtronic during the 1st quarter valued at $33,000. Finally, Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter valued at $42,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

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.