Needham & Company LLC Reaffirms “Hold” Rating for Medtronic (NYSE:MDT)

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

Several other equities research analysts have also recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Robert W. Baird raised their target price on shares of Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, UBS Group raised their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One 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 MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $96.14.

Medtronic Trading Up 0.6%

Shares of MDT opened at $86.94 on Monday. The firm has a fifty day simple moving average of $85.83 and a two-hundred day simple moving average of $86.57. Medtronic has a twelve month low of $75.96 and a twelve month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $111.50 billion, a P/E ratio of 26.43, a PEG ratio of 2.22 and a beta of 0.81.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. On average, research analysts anticipate that Medtronic will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.22%. Medtronic’s payout ratio is 85.11%.

Institutional Trading of Medtronic

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Advisory Alpha LLC bought a new stake in Medtronic during the 1st quarter valued at about $207,000. Legacy Advisory Services LLC bought a new stake in Medtronic during the 1st quarter valued at about $541,000. Semmax Financial Advisors Inc. increased its stake in Medtronic by 3.5% during the 1st quarter. Semmax Financial Advisors Inc. now owns 57,065 shares of the medical technology company’s stock valued at $4,764,000 after purchasing an additional 1,932 shares in the last quarter. Peloton Wealth Strategists increased its stake in Medtronic by 16.7% during the 1st quarter. Peloton Wealth Strategists now owns 12,630 shares of the medical technology company’s stock valued at $1,135,000 after purchasing an additional 1,810 shares in the last quarter. Finally, MBB Public Markets I LLC bought a new stake in Medtronic during the 1st quarter valued at about $313,000. 82.06% of the stock is currently owned by 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.