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

Medtronic (NYSE:MDT)‘s stock had its “hold” rating reiterated by investment analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports.

Several other equities analysts also recently commented on MDT. Robert W. Baird increased their price target on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday. Barclays raised their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. cut their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company dropped their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $94.87.

Medtronic Stock Down 7.3 %

Medtronic stock opened at $86.05 on Wednesday. The company has a market capitalization of $110.34 billion, a P/E ratio of 26.32, a P/E/G ratio of 2.63 and a beta of 0.84. Medtronic has a 1-year low of $75.96 and a 1-year high of $93.08. The firm’s fifty day simple moving average is $85.74 and its 200-day simple moving average is $87.02. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Sell-side analysts forecast that Medtronic will post 5.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic 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 sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Medtronic

A number of hedge funds have recently modified their holdings of the stock. Clear Harbor Asset Management LLC grew its position in Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after acquiring an additional 111 shares during the period. Guardian Wealth Management Inc. boosted its stake in shares of Medtronic by 0.9% in the 3rd quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock valued at $1,182,000 after purchasing an additional 115 shares in the last quarter. MONECO Advisors LLC grew its holdings in shares of Medtronic by 1.8% in the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock worth $512,000 after purchasing an additional 115 shares during the last quarter. First City Capital Management Inc. increased its position in shares of Medtronic by 2.9% during the 3rd 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 in the last quarter. Finally, Hardy Reed LLC lifted its holdings 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 last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

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.