Medtronic’s (MDT) Hold Rating Reaffirmed at Needham & Company LLC

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

Other analysts have also issued reports about the company. Evercore ISI boosted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Wells Fargo & Company boosted their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Truist Financial boosted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Citigroup boosted their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Down 0.4 %

Shares of NYSE:MDT opened at $90.59 on Friday. The stock has a market cap of $116.18 billion, a price-to-earnings ratio of 30.60, a PEG ratio of 2.60 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic has a 12-month low of $68.84 and a 12-month high of $92.68. The business’s 50 day moving average is $89.30 and its 200 day moving average is $83.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates 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 last year, the company posted $1.20 earnings per share. On average, sell-side analysts forecast that Medtronic will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

Hedge Funds Weigh In On Medtronic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. boosted its holdings in shares of Medtronic by 124.9% in the 1st quarter. Sunbelt Securities Inc. now owns 3,128 shares of the medical technology company’s stock worth $273,000 after purchasing an additional 1,737 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in shares of Medtronic by 21.4% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 8,378 shares of the medical technology company’s stock worth $730,000 after purchasing an additional 1,476 shares in the last quarter. Independence Bank of Kentucky boosted its holdings in shares of Medtronic by 9.9% in the 1st quarter. Independence Bank of Kentucky now owns 1,668 shares of the medical technology company’s stock worth $145,000 after purchasing an additional 150 shares in the last quarter. Burns J W & Co. Inc. NY boosted its holdings in shares of Medtronic by 17.4% in the 1st quarter. Burns J W & Co. Inc. NY now owns 3,276 shares of the medical technology company’s stock worth $286,000 after purchasing an additional 486 shares in the last quarter. Finally, Chemung Canal Trust Co. boosted its holdings in shares of Medtronic by 1,467.5% in the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

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.